Military W-2s make it easier to determine tax-credit...

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Military W-2s make it easier to determine tax-credit...

#1 Postby boardman » Wed Dec 22, 2004 1:45 pm

Military W-2s make it easier to determine tax-credit eligibility
American Forces Press Service

ARLINGTON, Va., Dec. 22, 2004 -- The 2004 W-2 forms for military members will now report pay earned while serving in combat zone tax-exclusion areas.

This information will allow members to better determine their eligibility for two credits to their federal income tax payments, the Earned Income Tax Credit and Child Tax Credit, officials said.

The combat zone pay information will be listed separately in Block 14 of the member‘s W-2 form and will not be included with taxable wage information.

EITC and CTC qualifications are based on gross income, which includes pay earned while in a tax-exclusion area. The addition of this information on 2004 W-2s will help determine whether a member meets the IRS requirements for EITC and CTC and which method of computing taxes is most advantageous to each member‘s individual situation.

The 2004 W-2s will be available in mid-to-late January, and servicemembers can access their W-2s on the Defense Finance and Accounting Service‘s on-line “myPay” system.

Officials recommend servicemembers contact their unit tax advisors for more information on the Earned Income Tax Credit, Child Tax Credit, or other tax issues.

(From a Defense Finance and Accounting Service news release.)

Related Sites:
Armed Forces Tax Guide 2004 http://www.irs.gov/pub/irs-pdf/p3.pdf
Internal Revenue Service http://www.irs.gov
Defense Finance and Accounting Service http://www.dfas.mil
myPay https://mypay.dfas.mil/mypay.aspx

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NOTE: View the original version of this web page on DefenseLINK, the official website of the U.S. Department of Defense, at http://www.defenselink.mil/news/Dec2004 ... 22205.html
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