Money Monday: Combat-injured disabled veterans may be owed

By Rod Meloni - Reporter, CFP ®

If you are a combat-injured disabled veteran, Uncle Sam may owe you money in the form of a tax credit or refund.

The Combat-Injured Veterans Tax Fairness Act was passed in 2016, but dates back to 1991. It affects veterans who received disability severance payments after January 17, 1991, and included that payment as income.

There are two ways to get your money.

The easy way: Submit a standard refund amount. If you received your severance between  2011 and 2016, it’s worth $3200.

The hard way: File an amended return on IRS form 1040-X. This could net you more money.

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