1/7/2024 0 Comments Turbotax discount code usaaSo give yourself plenty of time and access your myPay account early to get a head start on your military tax forms.Now, you are here. They’re usually really good about resolving issues, but if you wait until April 15th to file your taxes, you leave very little room to fix any issues. Just be sure to file early in case you have any complications with your taxes and need to chat with the TurboTax support team. With the military discount, it makes sense to use TurboTax as you’re can access all four of their flagship products for free. I’ve personally been happy with TurboTax and have used them to file my personal taxes/family members’ taxes for the past 12 years. Self-Employed: If you are an independent contractor, freelancer, or a business owner, this version helps you in deducting mileage, home office, and various business expenses. Premier: This version includes everything from the Deluxe version and is perfect if you have investment accounts, rental property, or if you recently refinanced your home Here’s a quick summary of each version of TurboTax and why you might need each one.įederal Free Edition: You can use the Turbotax free edition for simple tax returns (1040EZ and 1040A).ĭeluxe: This is the most popular version and is great if you own a home or want to deduct your charitable donations or student loans. This includes the following products: Federal Free Edition, Deluxe, Premier, and Self-Employment editions What TurboTax Versions Are Available for Free?Īccording to TurboTax, all enlisted active-duty military and reservists can file both their federal and state taxes for free. Here are some of the most common military deductions that are covered when you use TurboTax: I have to hand it to TurboTax for its intuitive software that guides service members to get the biggest deductions possible. This includes travel to official meetings away from the regular workplace as well as business-related lodging, meals, and other necessary expenses. Travel and Transportation Expenses: If you have traveled on official business away from your permanent duty station, you can deduct unreimbursed travel and transportation expenses. There is a cap for officers but not enlisted members. This is a huge benefit that often accounts for more than 30% of service members’ compensation!Ĭombat Zone Exclusion: If you are deployed into a combat zone, your base pay and any re-enlistment bonuses paid during that time is excluded from your taxable income. Tax-Exempt Allowances: As a military member, you are eligible for housing and food allowances, which are exempt from state and federal income tax as well as social security tax. TurboTax will walk you through benefits and deductions you’re eligible for including: Military taxes can be pretty complicated. Bank routing number and account number (for direct deposit).W2, W-2G, 1099-R and any other tax forms received.
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