Tax Tips for Military Personnel
The Internal Revenue Service provides special tax guidelines for military veterans and active service members. Since military personnel may exclude some income and costs from their tax returns thus reducing their annual tax liabilities, these taxpayers should carefully review and follow the government's specific IRS guidelines or enlist an accountant or attorney's assistance in preparing their tax returns.
Includable Gross Income
Military personnel are subject to different tax rules than civilians. Military personnel receive several forms of allowance subsidies and payment for their service. The allowances and payment follow different tax rules and receive special tax treatment. The IRS generally includes basic pay, active duty, training, drills, service school training pay and reserve training in calculating ordinary gross income. The IRS taxes military service in combat zones differently. Career status and reenlistment pay, officer bonus pay and overseas extension are taxed as bonus pay.
Excludable Income
The government does not tax pay received for active duty service in designated combat zones. There is a limited tax liability for officers who receive combat zone compensation. Moving allowances or payment for moving expenses is not taxed. Living allowances including BAH or BAS Allowances (basic allowance for housing or subsistence) and OHA or overseas allowances are also excludable items. Family allowances including emergency and dependent education allowances are excluded. Excludable items also cover death allowances, uniform allowances and disability compensation. Travel allowances and in-kind benefits such as medical and dental assistance are tax-free. Uniforms for battle and dress are excludable if the service member cannot wear them off duty.
Combat Zone Exclusion
These exclusions depend upon the U.S. President's designation through Executive Order as a combat zone. As of 2010, combat zones include Afghanistan, the Persian Gulf and Kosovo. The military service member must have active orders or an assignment to serve in a combat zone. Combat zone tax exclusions cover pay during absences resulting from injuries and for periods military personnel may be missing in action or become war prisoners. Military personnel who merely pass over a combat zone en route to their final non-combat zone destination or those visiting a combat zone for personal travel do not qualify for the tax exclusion. The exclusionary amount is for the entire period of service in that combat zone. Officers receive limited tax exclusions based upon their status and pay.
W-2 Forms and Codes
Military personnel receive compensation information for each type of allowance or benefit they received during that tax year.
Homebuyer Credit
The Worker, Homeownership and Business Assistance Act of 2009 gave extended credit time for military personnel serving outside of the country. Military personnel in this category have an additional year to purchase a home (by April 30, 2011). Taxpayers who purchase homes in 2011 must report the credit on their tax returns in 2011 or 2012. Taxpayers using the credit in 2010 can also optionally claim the credit in 2009 or 2010 depending upon the contract date and settlement date of the transaction. Using Form 5405 or Homebuyer Credit, military personnel should report the amount.
Consideration
Tax laws may frequently change. A certified accountant or tax attorney licensed to practice law in your jurisdiction can provide the most up-to-date information.
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