Description
Military
IRS Program #: X9QQU-T-01148-24-O
CTEC #: 6257-CE-0308
CE: 2 IRS and 2 CTEC credits
Speaker: Michelle Lonsway
In this course, we will first review the basics of military tax issues: terminology, tax deductions, types of military income and their taxability, state residency issues, and long-standing tax laws, such as the Military Spouses Residency and Relief Act. Participants will review lesser-known legislation, including the H.E.A.R.T. Act and Veterans’ Auto & Education Improvement Act of 2022, and discuss potential tax advantages, as well as complexities. Finally, we will use three Case Studies to identify opportunities for tax planning and discover how the transition to civilian life impacts tax liability, retirement contributions or deferrals, and filing requirements.
Learning Objectives:
- Identify common terms and acronyms for military tax issues
- Identify types of income received by military members and the taxability of each
- Describe tax legislation and how it applies to military members and spouses
- Discuss tax issues that arise when transitioning to Civilian Life
- Examine 3 case studies and determine:
- Residency status and tax return requirements, including Federal and State Filing Status
- Opportunities for tax planning
- Allowable retirement account contributions and deferrals