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Question For Recent Chapter 61 Retiree


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6 replies to this topic

#1 jvretiredvet

 
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Posted 27 May 2012 - 11:39 AM

On the Form 1099-R that you receive from DFAS, what is the Distribution Code in Box 7 ?

#2 Commander Bob

 
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Posted 28 May 2012 - 06:23 AM

On the Form 1099-R that you receive from DFAS, what is the Distribution Code in Box 7 ?



http://www.taxslayer...article188.aspx

Also try: http://www.dfas.mil/...itary/faqs.html


Have you filed for VA SC comp?

Good Luck,

Bob

Edited by Commander Bob, 28 May 2012 - 06:27 AM.


#3 jvretiredvet

 
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Posted 28 May 2012 - 01:41 PM

Thank you for the response.

However, I did not need a list of the codes, I know the Distribution Codes from the instructions for Form 1099-R http://www.irs.gov/p...-pdf/i1099r.pdf .

What I need is verification from a recent Ch 61 retiree what the code in Block 12 of their DFAS Form 1099-R is. I was hoping to get this information without trudging through 10 USC, 26 USC, or doing battle with DFAS.

By way of history, I've been doing a bit of income tax law review prior to the Registered Tax Return Preparer (RTRP) test, creating tax scenarios and so forth. In reviewing pension and annuity income, I thought of Ch 61 retirees.

I've prepared several hundreds of tax returns for Active Duty and retired militay folks. However, I do not recall ever seeing a Distribution Code 3 on a DFAS 1099-R. Does that mean that Ch 61 payments are not classified as disability? Or perhaps, have I never had a Ch 61 troop sitting in front of me? I dunno, but a disability retirement (prior to the minimum retirement age) from other government agencies or civilian enterprises warrants a Code 3. Note: the coding is important because it opens - or closes - access to certain other tax benefits.

As for Have you filed for VA SC comp? ... I currently see no need to apply for anything.


http://www.taxslayer...article188.aspx

Also try: http://www.dfas.mil/...itary/faqs.html


Have you filed for VA SC comp?

Good Luck,

Bob



#4 Commander Bob

 
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Posted 28 May 2012 - 03:31 PM

...I dunno, but a disability retirement (prior to the minimum retirement age) from other government agencies or civilian enterprises warrants a Code 3. Note: the coding is important because it opens - or closes - access to certain other tax benefits....






Thank you, 'jvretiredvet', for your service to the many veterans you have helped with their taxes.

It has been my experience that most Chapter 61 retirees, opt for the VA compensation, instead of the military retiree pay, for obvious reasons. Higher VA disability ratings, increased monthly pay, and no taxes. Military CRSC can be received by certain chapter61 retirees, however, that stipend is also tax exempt.

Best wishes on your (RTRP) test,

Cmdr. Bob

Edited by Commander Bob, 29 May 2012 - 08:39 AM.


#5 jvretiredvet

 
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Posted 29 May 2012 - 10:20 AM

As I said, this was a hypothetical situation about Chap 61 troops that popped into my mind while I was doing a bit of light reading. But actually, the basic premise of the different distribution codes is not so hypothetical because I have used them for several civilian type folks.

Yeah, under the present system, it is unlikely that Chap 61 retirees would chose to continue their MilRetPay versus applying for VA compensation. And, the scenarios in my head concerning the 1099-R distribution code would be beneficial to few, very few, in any event.

Now, if CRDP for Ch 61 troops ever were authorized, this might be a different story. In any event, I still would like to know what the Distribution Code on a Ch 61's 1099-R would be.

Thank you, 'jvretiredvet', for your service to the many veterans you have helped with their taxes.

It has been my experience that most Chapter 61 retirees, opt for the VA compensation, instead of the military retiree pay, for obvious reasons. Higher VA disability ratings, increased monthly pay, and no taxes. Military CRSC can be received by certain chapter61 retirees, however, that stipend is also tax exempt.

Best wishes on your (RTRP) test,

Cmdr. Bob



#6 DblTap1

 
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Posted 13 August 2012 - 05:12 AM

jvretiredvet
Tried to look up mine for you but it hasn't generated a 1099R yet. Looked over the RAS and it didn't show anythihg that would help you either.

Good luck finding your answer

#7 jvretiredvet

 
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Posted 13 August 2012 - 11:42 AM

DblTap1, thank you for the response.

FWIW, the CY 2012 Form 1099-R will not be available from DFAS (either hard copy or through MyPay) until mid-ish to late-ish January 2013.

If it's not too inconvenient, I'd appreciate a follow-up in Jan-Feb 2013 to see what the Distribution Code on your 1099R is.

TIA

jvretiredvet
Tried to look up mine for you but it hasn't generated a 1099R yet. Looked over the RAS and it didn't show anythihg that would help you either.

Good luck finding your answer