Traditional IRA to Roth IRA Conversion for Deployed Military
After announcing that I would be deployed in 2017 for 6 months, my orders changed. I was not able to execute my 6 month deployment, $50,000 savings challenge. I did …
Military Tax Strategies
How I Respond to the IRS Combat Zone Tax Letter (CP04)
For the past 5 years, I claimed CZTE or Combat Zone Tax Exclusion income on my tax returns. Every year after I file my taxes, I receive a CP04 Notice …
Military Payroll Tax Deferral 2020 | Temporary Social Security Deferral for Servicemembers
The payroll tax deferral for military servicemembers starts with the 15 September 2020 mid-month pay. It will continue until 31 December 2020. In summary, the payroll tax deferral will delay …
Free Tax Filing for Military 2020 | Tax Prep and Tax Returns Free for Active Duty
Tax time is here! W2s should be released on myPay by 24 January 2020. If you’ve properly configured your tax withholding, your tax return should be quite small. However, we …
Combat Zone Tax Exclusion (CZTE) for Turkey 2017
I received the following email from DFAS (Defense Finance Accounting Service) regarding Combat Zone Tax Exclusion (CZTE) for servicemembers stationed in Turkey: Effective September 19, 2016, unless otherwise specified, all military …
Why the ‘You Just Gave Uncle Sam an Interest-Free Loan’ Argument Doesn’t Work For Many Transitioning Military
Executive Summary Every year at tax time, you see pundits talk about ‘giving Uncle Sam an interest-free loan.’ While the concept of lowering tax withholdings is sound, there are several …
5 Tax Considerations When Selling Your Home in the Military
In the military, there are many reasons for selling your home. You can sell for any of the following reasons: relocation buying a bigger home downsizing retirement/separation because it makes …