Those who serve in the U.S. armed forces are honored with a number of benefits, ranging from education assistance to retirement. Among the perks are a number of steps to make filing federal income tax returns easier, as well.
Military members living or serving outside of the United States or Puerto Rico are entitled to an automatic two-month filing extension. But, keep in mind that you will have to pay interest on any tax due that was not paid by the original filing deadline. You can get more details about ...
Do you need to move money to avoid a tax penalty? If you’re investing in a qualifiedretirement plan that has a contribution limit(like a 401k, 403b, TSP or IRA) and you accidentally over-contributed, you have until the tax filing deadline to fix it. But, it’s a good idea to fi...
First, remember that the MSRRA doesn’t necessarily affect your filing status. If you’re a military spouse covered by the Military Spouse Residency Relief Act, you’ll file your state return in your state of legal residence. However, your tax status in that state isn’t always the same a...
Military personnel, especially those in active combat zones, have several tax benefits available to them. One of the most important is the filing extension available for those on active duty overseas, which offers soldiers and their families some flexibi
Military Tax Filing Tips from TurboTax Combat pay:Pay received in combat zones is exempt from federal taxes. Special provisions for earned income tax credit (EITC): Military members can elect to use non-taxable pay in order to be eligible for the EITC credits. This can result in substantial...
Filing returns is also helpful if your disability rating changes, altering your access to tax credits or decreasing the amount of taxes you should have paid in previous years. Additionally, receiving some non-VA benefits is potentially dependent on having a recent tax return to show a veteran me...
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That said, verify everything with your HR department before filing your retirement papers, just to make sure they have everything in order and you don’t get any surprises. Best wishes! Reply Anthony Ezerski I’m a reservist and federal employee with 15 years of services (10 active duty...