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FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Military Scenario 3 Lisa Wagner is a retired member of the U .S. Army . She received Form 1099-R for retirement pavement pay from the Defense Finance and Accounting Service . Form 1099-R indicates $28,500 in Box 1 and Box 2a. Lisa is considered 20% disabled and received a letter of determination from the Department of Veterans Affairs (VA). She received a payment in the amount of $2,950 from the VA for disability. 7. Which of the following documents are issued by the VA for disability payments? a. Form W-2, Wage and Tax Statement b. Forms W-2 or 1099-R, depending on type of disability. c. No tax form is required to be issued; however, Lisa may receive a statement. d. Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit Sharing Plans, Insurance Contracts, etc . 8. The disability payment of $2,950 that Lisa received from the VA is non-taxable. a. True b. False
Transcribed Image Text:Military Scenario 3 Lisa Wagner is a retired member of the U .S. Army . She received Form 1099-R for retirement pavement pay from the Defense Finance and Accounting Service . Form 1099-R indicates $28,500 in Box 1 and Box 2a. Lisa is considered 20% disabled and received a letter of determination from the Department of Veterans Affairs (VA). She received a payment in the amount of $2,950 from the VA for disability. 7. Which of the following documents are issued by the VA for disability payments? a. Form W-2, Wage and Tax Statement b. Forms W-2 or 1099-R, depending on type of disability. c. No tax form is required to be issued; however, Lisa may receive a statement. d. Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit Sharing Plans, Insurance Contracts, etc . 8. The disability payment of $2,950 that Lisa received from the VA is non-taxable. a. True b. False
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