Friday, January 30, 2004
Finance Tip for Military Families
Good news...
Many families of deployed servicemen and women should now be eligible for the Earned Income Tax Credit.
Thanks to recent change in the tax law, combat zone pay, basic allowance for housing payments (BAH), and Basic Allowance for Subsistance payments (BAS), don't count against you when tallying up your income when you apply to claim the Earned Income Credit.
From the IRS's website:
Income and family size determine the amount of the EITC. To qualify for the credit, both the earned income and the adjusted gross income for 2003 must be less than $29,666 for a taxpayer with one qualifying child ($30,666 for married filing jointly), $33,692 for a taxpayer with more than one qualifying child ($34,692 for married filing jointly), and$11,230 for a taxpayer with no qualifying children ($12,230 for married filing jointly).
So when you guys file your taxes later this year, take a good hard look at the EIC sections of the 1040, 1040EZ, or 1040A.
Just because you didn't qualify last year doesn't mean you can't qualify this year. It could mean a few hundred bucks back in your pocket.
Tell your friends. (You can email this post by using the permalink URL (click below) so they won't have to scroll.)
Splash, out
Jason
Many families of deployed servicemen and women should now be eligible for the Earned Income Tax Credit.
Thanks to recent change in the tax law, combat zone pay, basic allowance for housing payments (BAH), and Basic Allowance for Subsistance payments (BAS), don't count against you when tallying up your income when you apply to claim the Earned Income Credit.
From the IRS's website:
Income and family size determine the amount of the EITC. To qualify for the credit, both the earned income and the adjusted gross income for 2003 must be less than $29,666 for a taxpayer with one qualifying child ($30,666 for married filing jointly), $33,692 for a taxpayer with more than one qualifying child ($34,692 for married filing jointly), and$11,230 for a taxpayer with no qualifying children ($12,230 for married filing jointly).
So when you guys file your taxes later this year, take a good hard look at the EIC sections of the 1040, 1040EZ, or 1040A.
Just because you didn't qualify last year doesn't mean you can't qualify this year. It could mean a few hundred bucks back in your pocket.
Tell your friends. (You can email this post by using the permalink URL (click below) so they won't have to scroll.)
Splash, out
Jason
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