Comments on: Post 9/11 GI Bill Facts – Taxable Income, Kickers, etc. http://www.veteransbenefitsgibill.com/2009/05/13/ten-little-known-facts-about-the-post-911-gi-bill/ A resource for military veterans to discover the educational opportunities and support being offered through the Post 9-11 GI Bill Wed, 08 Feb 2012 05:24:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Davidandmarie17 http://www.veteransbenefitsgibill.com/2009/05/13/ten-little-known-facts-about-the-post-911-gi-bill/#comment-18690 Davidandmarie17 Tue, 31 Jan 2012 18:15:00 +0000 http://www.veteransbenefitsgibill.com/?p=160#comment-18690 OK so I get that you dont claim the Post-911 GI Bill as income. Check. Now my question is this. Do I claim it under the "education assistance" section? There is a slot there for Veternas Benefits. OK so I get that you dont claim the Post-911 GI Bill as income. Check. Now my question is this. Do I claim it under the “education assistance” section? There is a slot there for Veternas Benefits.

]]> By: Anonymous http://www.veteransbenefitsgibill.com/2009/05/13/ten-little-known-facts-about-the-post-911-gi-bill/#comment-18679 Anonymous Tue, 17 Jan 2012 04:43:00 +0000 http://www.veteransbenefitsgibill.com/?p=160#comment-18679 The intent of the Post 9/11 is for educational benefit ONLY. It is NOT applied for any other transactions. In other words, it is NOT considered cash rather a scholarship. You cannot transfer a scholarship into money. The intent of the Post 9/11 is for educational benefit ONLY.

It is NOT applied for any other transactions.

In other words, it is NOT considered cash rather a scholarship.

You cannot transfer a scholarship into money.

]]> By: Rachel http://www.veteransbenefitsgibill.com/2009/05/13/ten-little-known-facts-about-the-post-911-gi-bill/#comment-18668 Rachel Wed, 04 Jan 2012 20:18:00 +0000 http://www.veteransbenefitsgibill.com/?p=160#comment-18668 starting when before october? as of october i can guarantee he is not . Not that you should know about his money. starting when before october? as of october i can guarantee he is not . Not that you should know about his money.

]]> By: Veterans Benefits GI Bill http://www.veteransbenefitsgibill.com/2009/05/13/ten-little-known-facts-about-the-post-911-gi-bill/#comment-18667 Veterans Benefits GI Bill Mon, 02 Jan 2012 17:16:00 +0000 http://www.veteransbenefitsgibill.com/?p=160#comment-18667 I am out of the office with limited access to email and voicemail until the 3rd of January. If you require immediate assistance, please contact Ryan McArthur at rmcarthur@usinteractivemedia.com. I am out of the office with limited access to email and voicemail until the 3rd of January. If you require immediate assistance, please contact Ryan McArthur at rmcarthur@usinteractivemedia.com.

]]> By: Mariegranados29 http://www.veteransbenefitsgibill.com/2009/05/13/ten-little-known-facts-about-the-post-911-gi-bill/#comment-18666 Mariegranados29 Mon, 02 Jan 2012 17:15:00 +0000 http://www.veteransbenefitsgibill.com/?p=160#comment-18666 I have a question about using my post 9/11 in the begining of March of 2012. I'm currently in a personal training program that ends on March 5, 2012. I'm currently in the Army Resverves and I wanted to use MGIB-SR to pay for January and February classes. Can I collect BAH from the post 9/11 for the remainder of March thru May? I have a question about using my post 9/11 in the begining of March of 2012. I’m currently in a personal training program that ends on March 5, 2012. I’m currently in the Army Resverves and I wanted to use MGIB-SR to pay for January and February classes. Can I collect BAH from the post 9/11 for the remainder of March thru May?

]]> By: Joy Stephens http://www.veteransbenefitsgibill.com/2009/05/13/ten-little-known-facts-about-the-post-911-gi-bill/#comment-18646 Joy Stephens Fri, 04 Nov 2011 19:06:00 +0000 http://www.veteransbenefitsgibill.com/?p=160#comment-18646 Same thing is happening to me... Why exactly is it not a proof of income? I don't get it. Same thing is happening to me… Why exactly is it not a proof of income? I don’t get it.

]]> By: Kel3030 http://www.veteransbenefitsgibill.com/2009/05/13/ten-little-known-facts-about-the-post-911-gi-bill/#comment-18612 Kel3030 Wed, 21 Sep 2011 09:15:00 +0000 http://www.veteransbenefitsgibill.com/?p=160#comment-18612 Holy crap are you serious? Epic FAIL. Holy crap are you serious? Epic FAIL.

]]> By: Kel3030 http://www.veteransbenefitsgibill.com/2009/05/13/ten-little-known-facts-about-the-post-911-gi-bill/#comment-18613 Kel3030 Wed, 21 Sep 2011 09:15:00 +0000 http://www.veteransbenefitsgibill.com/?p=160#comment-18613 Holy crap are you serious? Epic FAIL. Holy crap are you serious? Epic FAIL.

]]> By: Javier http://www.veteransbenefitsgibill.com/2009/05/13/ten-little-known-facts-about-the-post-911-gi-bill/#comment-18540 Javier Wed, 08 Jun 2011 20:59:00 +0000 http://www.veteransbenefitsgibill.com/?p=160#comment-18540 Why cant i buy a car using the Post 911 G.I. Bill. They told me the post 911 G.I. bill is not to be used to get loans for car. So i cant buy a car for school? Why cant i buy a car using the Post 911 G.I. Bill. They told me the post 911 G.I. bill is not to be used to get loans for car. So i cant buy a car for school?

]]> By: Slim7251 http://www.veteransbenefitsgibill.com/2009/05/13/ten-little-known-facts-about-the-post-911-gi-bill/#comment-18538 Slim7251 Mon, 23 May 2011 21:36:00 +0000 http://www.veteransbenefitsgibill.com/?p=160#comment-18538 When the program first started it included break pay. I know because I started using the post 9/11 when it first came out. Starting this year they are taking break pay away When the program first started it included break pay. I know because I started using the post 9/11 when it first came out. Starting this year they are taking break pay away

]]> By: Ken http://www.veteransbenefitsgibill.com/2009/05/13/ten-little-known-facts-about-the-post-911-gi-bill/#comment-18527 Ken Sat, 09 Apr 2011 02:20:00 +0000 http://www.veteransbenefitsgibill.com/?p=160#comment-18527 IRS Publication 970 gives an example of this on page 6. It shows that portions of the GI Bill that are not restricted do not have to be subtracted from qualified education expenses for the tax credit. I want to know what they mean by restricted. The issue is whether all GI Bill payments other than the BAH are restricted. Since the money comes to you, you aren't as physically restricted as those who's institution receives the money directly. This example seems to imply that the money that is sent directly to the school is restricted, while the money sent directly to you is not restricted. http://www.irs.gov/pub/irs-pdf/p970.pdf The above address is for IRS Publication 970, and below is the example from page 6.: Example. You have returned to college and are receiving two education benefits under the latest GI Bill: (1) a $1,534 monthly basic housing allowance (BAH) that is directly deposited to your checking account, and (2) $3,840 paid directly to your college for tuition. Neither of these benefits is taxable and you do not report them on your tax return. You also want to claim an American opportunity credit on your return. You paid $5,000 in qualified education expenses (explained in detail in chapter 2). To figure the amount of credit, you must first subtract the $3,840 from your qualified education expenses because this payment under the GI Bill was required to be used for education expenses. You do not subtract any amount of the BAH because it was paid to you and its use was not restricted. IRS Publication 970 gives an example of this on page 6. It shows that portions of the GI Bill that are not restricted do not have to be subtracted from qualified education expenses for the tax credit.

I want to know what they mean by restricted. The issue is whether all GI Bill payments other than the BAH are restricted. Since the money comes to you, you aren’t as physically restricted as those who’s institution receives the money directly.

This example seems to imply that the money that is sent directly to the school is restricted, while the money sent directly to you is not restricted.

http://www.irs.gov/pub/irs-pdf/p970.pdf

The above address is for IRS Publication 970, and below is the example from page 6.:

Example. You have returned to college and are receiving two education benefits under the latest GI Bill: (1) a $1,534 monthly basic housing allowance (BAH) that is directly deposited to your checking account, and (2)
$3,840 paid directly to your college for tuition. Neither of these benefits is taxable and you do not report them on your tax return. You also want to claim an American opportunity credit on your return. You paid $5,000 in qualified education expenses (explained in detail in chapter 2). To figure the amount of credit, you must first subtract the $3,840 from your qualified education expenses because this payment under the GI Bill was required to be used for education expenses. You do not subtract any amount of
the BAH because it was paid to you and its use was not restricted.

]]> By: Ken http://www.veteransbenefitsgibill.com/2009/05/13/ten-little-known-facts-about-the-post-911-gi-bill/#comment-18528 Ken Sat, 09 Apr 2011 02:20:00 +0000 http://www.veteransbenefitsgibill.com/?p=160#comment-18528 IRS Publication 970 gives an example of this on page 6. It shows that portions of the GI Bill that are not restricted do not have to be subtracted from qualified education expenses for the tax credit. I want to know what they mean by restricted. The issue is whether all GI Bill payments other than the BAH are restricted. Since the money comes to you, you aren't as physically restricted as those who's institution receives the money directly. This example seems to imply that the money that is sent directly to the school is restricted, while the money sent directly to you is not restricted. http://www.irs.gov/pub/irs-pdf/p970.pdf The above address is for IRS Publication 970, and below is the example from page 6.: Example. You have returned to college and are receiving two education benefits under the latest GI Bill: (1) a $1,534 monthly basic housing allowance (BAH) that is directly deposited to your checking account, and (2) $3,840 paid directly to your college for tuition. Neither of these benefits is taxable and you do not report them on your tax return. You also want to claim an American opportunity credit on your return. You paid $5,000 in qualified education expenses (explained in detail in chapter 2). To figure the amount of credit, you must first subtract the $3,840 from your qualified education expenses because this payment under the GI Bill was required to be used for education expenses. You do not subtract any amount of the BAH because it was paid to you and its use was not restricted. IRS Publication 970 gives an example of this on page 6. It shows that portions of the GI Bill that are not restricted do not have to be subtracted from qualified education expenses for the tax credit.

I want to know what they mean by restricted. The issue is whether all GI Bill payments other than the BAH are restricted. Since the money comes to you, you aren’t as physically restricted as those who’s institution receives the money directly.

This example seems to imply that the money that is sent directly to the school is restricted, while the money sent directly to you is not restricted.

http://www.irs.gov/pub/irs-pdf/p970.pdf

The above address is for IRS Publication 970, and below is the example from page 6.:

Example. You have returned to college and are receiving two education benefits under the latest GI Bill: (1) a $1,534 monthly basic housing allowance (BAH) that is directly deposited to your checking account, and (2)
$3,840 paid directly to your college for tuition. Neither of these benefits is taxable and you do not report them on your tax return. You also want to claim an American opportunity credit on your return. You paid $5,000 in qualified education expenses (explained in detail in chapter 2). To figure the amount of credit, you must first subtract the $3,840 from your qualified education expenses because this payment under the GI Bill was required to be used for education expenses. You do not subtract any amount of
the BAH because it was paid to you and its use was not restricted.

]]> By: Christopher http://www.veteransbenefitsgibill.com/2009/05/13/ten-little-known-facts-about-the-post-911-gi-bill/#comment-18525 Christopher Tue, 05 Apr 2011 18:03:00 +0000 http://www.veteransbenefitsgibill.com/?p=160#comment-18525 No, they are incorrect. However, your Fafsa may request info on va entitlements etc. It also may request to know how much you have in the bank. The MGIB benefits are not taxable. No, they are incorrect. However, your Fafsa may request info on va entitlements etc. It also may request to know how much you have in the bank. The MGIB benefits are not taxable.

]]> By: Christopher http://www.veteransbenefitsgibill.com/2009/05/13/ten-little-known-facts-about-the-post-911-gi-bill/#comment-18524 Christopher Tue, 05 Apr 2011 18:01:00 +0000 http://www.veteransbenefitsgibill.com/?p=160#comment-18524 not that I am aware of. not that I am aware of.

]]> By: Christopher http://www.veteransbenefitsgibill.com/2009/05/13/ten-little-known-facts-about-the-post-911-gi-bill/#comment-18523 Christopher Tue, 05 Apr 2011 18:00:00 +0000 http://www.veteransbenefitsgibill.com/?p=160#comment-18523 IRS will do audits on some of them I am sure and make them repay the credit. I've had this conversation a few times and yes someone in my office thinks they are allowed this just because they've done this for two years. IRS will do audits on some of them I am sure and make them repay the credit. I’ve had this conversation a few times and yes someone in my office thinks they are allowed this just because they’ve done this for two years.

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