Tag Archives: community

Veterans Who Received Disability Severance Owed Refunds

USAgencies Credit Union is the only Oregon credit union open to all Oregon Veterans, and we want to ensure all eligible veterans receive this important information regarding available tax refunds brought to you by our friends at the U. S. Department of Veterans Affairs.

 

The Internal Revenue Service is advising certain Veterans who received disability severance payments after Jan. 17, 1991, and included that payment as income, that they should file Form 1040X, Amended U.S. Individual Income Tax Return, to claim a credit or refund of the over payment attributable to the disability severance payment.

This is a result of the Combat-Injured Veterans Tax Fairness Act passed in 2016.

Most Veterans who received a one-time lump-sum disability severance payment when they separated from their military service will receive a letter from the Department of Defense with information explaining how to claim tax refunds they are entitled to; the letters include an explanation of a simplified method for making the claim. The IRS has worked closely with the DoD to produce these letters, explaining how Veterans should claim the related tax refunds.

Statute of Limitations

The amount of time for claiming these tax refunds is limited. However, the law grants Veterans an alternative timeframe – one year from the date of the letter from DoD. Veterans making these claims have the normal limitations period for claiming a refund or one year from the date of their letter from the DoD, whichever expires later. As taxpayers can usually only claim tax refunds within 3 years from the due date of the return, this alternative time frame is especially important since some of the claims may be for refunds of taxes paid as far back as 1991.

Amount to Claim

Veterans can submit a claim based on the actual amount of their disability severance payment by completing Form 1040X, carefully following the instructions. However, there is a simplified method. Veterans can choose instead to claim a standard refund amount based on the calendar year (an individual’s tax year) in which they received the severance payment. Write “Disability Severance Payment” on line 15 of Form 1040X and enter on lines 15 and 22 the standard refund amount listed below that applies:

  • $1,750 for tax years 1991 – 2005
  • $2,400 for tax years 2006 – 2010
  • $3,200 for tax years 2011 – 2016

Claiming the standard refund amount is the easiest way for Veterans to claim a refund, because they do not need to access the original tax return from the year of their lump-sum disability severance payment.

Special Instructions
All Veterans claiming refunds for over payments attributable to their lump-sum disability severance payments should write either “Veteran Disability Severance” or “St. Clair Claim” across the top of the front page of the Form 1040X that they file. Because all amended returns are filed on paper, Veterans should mail their completed Form 1040X, with a copy of the DoD letter, to:

Internal Revenue Service

333 W. Pershing Street, Stop 6503, P5

Kansas City, MO  64108

Veterans eligible for a refund who did not receive a letter from DoD may still file Form 1040X to claim a refund but must include both of the following to verify the disability severance payment:

  • A copy of documentation showing the exact amount of and reason for the disability severance payment, such as a letter from the Defense Finance and Accounting Services (DFAS) explaining the severance payment at the time of the payment or a Form DD-214, and
  • A copy of either the VA determination letter confirming the Veteran’s disability or a determination that the Veteran’s injury or sickness was either incurred as a direct result of armed conflict, while in extra-hazardous service, or in simulated war exercises, or was caused by an instrumentality of war.

Veterans who did not receive the DoD letter and who do not have the required documentation showing the exact amount of and reason for their disability severance payment will need to obtain the necessary proof by contacting the Defense Finance and Accounting Services (DFAS).


For additional information, or to read the original article head over to the U. S. Department of Veterans Affairs page HERE. Questions about USAgencies Credit Union? Contact us at 503.275.0300 Option 3 or stop in today!

Free Summer Activities in Portland

Having fun in Portland doesn’t have to cost a lot a money. In fact, it can cost nothing at all! Whether you are on a budget, or just love a good deal, getting out and enjoying the city shouldn’t give you spenders remorse. Which is why we have compiled a list of FREE things to do in Portland!

1. Concerts in the Park– A tradition for over 110 years hosted by Portland Parks and Recreation provides concerts and entertainment for all ages to enjoy, all throughout the summer.

2. Swimming – Several of the outdoor public pools in Portland have hours where anyone can cool off without paying an admission fee. Check out all the locations, and stay cool this summer.

3. Crystal Springs Rhododendron Garden– With over 2,500 rhododendron, azaleas, companion plants and wild life, the garden is a site to see. Every Monday there is no admission fee, and children under 12 are free every day of the week.

4. Shakespeare in the Parks – Take in A Midsummer Night’s Dream brought to you by the Portland Actors Ensemble. Starting July 26th and going through September 1st, there are free shows all over Portland, and all ages are welcome to come and enjoy.

5. Washington Park Summer Festival – See three full nights of free music, dance and park take in hands-on art activities among the roses at the International Rose Test Garden Amphitheater.

6. Mills End Park-Located in the median on Southwest Naito Parkway and Taylor Street and just measuring in at 24 inches in diameter, this is the world’s smallest park. Even better, it is around the corner from USAgencies Credit Union! Visit the park, and stop in and say Hi!

7. Powell’s City of Book’s – Get a coffee, grab your map and begin cruising the aisles at the largest independent new and used bookstore in the world.

8. Portland Festival Symphony– From Vivaldi through Mozart to Beethoven, the Portland Festival Symphony is bringing live art to your favorite neighborhood parks all summer long.

9. Alberta Street Fair– The 21st Annual Alberta Street Fair is Saturday August 11th with activities and events showcasing the best of the Alberta Street community. Head over for a day full of fun and sun!

10, Adult Soapbox Derby – Once a year a brave group of racers come together at Mt. Tabor to race down a closed course in hand-built cars. Since this event is fast moving, be sure to check out their event page for their safety tips to keep everyone safe.


Don’t forget that visiting your Credit Union is free too! We are open Monday, Tuesday, Thursday and Friday from 8:30am – 5pm, and Wednesdays from 10:00am – 5:00pm. Bring a friend with you, and when they open their membership, you can each earn $25!*

 

*To qualify for $25, new member must be 18 years or older, and must add a checking account, monthly direct deposit (at least $250), online banking and eStatements within 60 days of joining, and account must be in good standing. New member must meet requirements for referring member to qualify for $25 bonus. Referring member must also be in good standing at time of bonus. No limit to number of referrals member can make. $25 will be deposited into savings account on first business day of the month, 60 days from account opening (if qualifications are met). Earnings reported on form 1099-INT as required. Program may change or cancel without notice.

The Cherry Blossoms Are Here!

The cherry blossoms are here! So you know what that means? We are treated to a beautiful sight locals and tourists marvel in every spring. With the USAgencies branch located just a few blocks south, employees often spend their sunny spring lunch breaks under the pink canopies, enjoying the trees that line the south end of the Tom McCall Waterfront Park.

The 100 trees were gifted from the Japanese Grain Importers Association to Portland 28 years ago to pay tribute to the Japanese Americans that were sent to internment camps during World War II.  The trees were placed on the waterfront side of the Japanese American Historical Plaza.

Head down to the Waterfront before all the petals fall, to experience a Portland Spring favorite. And hey, while you are at it, pop into the USAgencies branch and say Hi!


USAgencies Credit Union is located at 95 SW Taylor St., Portland, OR 97204

2014 Community Impact

Thanks to members, staff, volunteers, and business partners!

Your credit union may be smaller, but our impact is big!
Here’s a visual of the Community Impact USAgencies had in 2014 #givingback

Learn more about the philosophy that informs our giving efforts and submit a giving request.

USACU_CommunityGiving_infographic