In order to successfully apply for the VA Aid and Attendance benefit, you'll need to thoroughly document income from all source. Today's retirees usually consider their regular distributions from retirement accounts to be a source of income. That's not the case for VA purposes.
When applying for this benefit, the most common sources of income are social security (or rail road pension) benefits, as well as other pension payments from previous employment.
Here’s a guide to looking for the most important papers you’ll need.
VA Benefit Income Documentation
The income documents for VA purposes center around regular payments made by pensions, institutions or the Social Security Administration.
Social Security: Every year, social security pensioners get a letter which shows the amount of money they can expect next year from Social Security. Most people save this among the “Important Papers” they keep with their other financial records. If you can't find it, you have two alternatives:
You can look for the 1099 from the Social Security Administration that should be stapled to last year’s tax return or…
You can call or write to the Social Security Administration and request another Social Security Pension Letter.
Annuities: Annuities may make regular deposits to your loved one's bank account. Annuities come in many "flavors," and for application purposes, you'll want to find a statement or the original policy itself. Unlike pensions or Social Security, annuities may have cash value. You don’t need to be an expert in this area. Just bring your documents to the complimentary meeting and we'll analyze these papers. But do take the time to dig around and find the contract so we can prepare a complete application for you right away.
Interest Income: Generally income from interest is posted by banks or accounts holding CD's. Sometimes interest comes from bonds held in a brokerage account. Take the time to locate the latest statement you can find.
Don’t bring these papers to the workshop. Do have an idea of what the amounts are. We'll start you with a family worksheet so you can follow along with us and see how close your loved one is to becoming application ready.
When you come to the complimentary first visit, we’ll examine all your documents a fine toothed comb and determine how each aspect should be reported or considered.
Related posts:
- Income Documentation for Aid and Attendance
- 2010 Aid and Attendance Amounts Unchanged
- S.894: Veteran's Compensation Inflation Adjustment 2012
- Long Term Care Payouts Count as Income
- 2011 Maximum Award Amounts Unchanged from 2010
Category: Application Process
I am helping a friend to get veterans benefits, her spouse was a veteran.