Financial Statements

Financial Statements/ Documentation

You will most likely need to submit various financial statements and documentation to the VA along with the application and other supporting forms. Effective October 18, 2018, most applications for the VA pension benefits will need to include supporting financial documentation (bank statements, 1099’s, etc.) to prove the income/assets you reported on the form.

Who does NOT need to submit any financial documentation to the VA?

Unfortunately, most applicants must submit documentation. However, if you can answer No to ALL of the following questions, then you do not need to submit any financial documentation to the VA, and you do not need to submit VA Form 21P-0969 to the VA.
1) Did you or your dependents receive any income other than Social Security this year or last year?
2) Do you or your dependents have more than $10,000 in assets? (Your house, car, and personal belongings are not assets and should not be included in this calculation)
3) Have you given away (“gifted”) any assets in the last 36 months?
4) Have you purchased an annuity or established a trust in the last 36 months?
5) Did you or your dependents transfer any assets to an irrevocable trust in the past 36 months?

If I can’t answer No to questions 1 through 4, what documentation must I submit?

FIXED INCOME

This refers to pensions, retirement income, fixed annuities, civil service pension, and any other income source that pays the same amount every month (not counting cost of living adjustments) indefinitely.

The best type of documentation is a current year letter from the income payer that reports the gross monthly income. If this letter is unavailable, the VA will accept the prior year 1099-R (so if you are applying in 2019, include the 2018 1099-R).

The VA communicates directly with the Social Security Administration. You do not need to include documentation of social security income. However, if you have a letter from the SSA that shows the current gross income, we recommend that you include this with your claim to the VA.

OTHER INCOME

(Distributions from IRA’s, Interest from accounts, Royalties and Dividends from Investment Accounts)

The VA requires that you submit documentation of your current income. You should submit a financial statement that shows the income received from the account in the current month. If the monthly statement for the account doesn’t show the current income received (some IRA accounts for example), then you should submit a statement that shows the current year Required Minimum Distribution (RMD).

ASSETS

You must provide a current financial statement for each account the claimant owns. This includes checking and savings accounts, IRA’s, brokerage accounts, CD’s, bonds, etc…