Podcast
Questions and Answers
Which tax benefit is not available to members of the armed forces stationed in the United States?
Which tax benefit is not available to members of the armed forces stationed in the United States?
True or false: Members of the armed forces stationed overseas are not eligible for any tax benefits.
True or false: Members of the armed forces stationed overseas are not eligible for any tax benefits.
False
Which group of military members may be eligible for the same tax benefits as active-duty members?
Which group of military members may be eligible for the same tax benefits as active-duty members?
True or false: Combat pay is taxed for those serving in combat zones.
True or false: Combat pay is taxed for those serving in combat zones.
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Which tax benefit may be available to members of the armed forces stationed overseas?
Which tax benefit may be available to members of the armed forces stationed overseas?
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True or false: National Guard and Reserves are not eligible for the same tax benefits as active-duty members.
True or false: National Guard and Reserves are not eligible for the same tax benefits as active-duty members.
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True or false: The benefits offered by IRS to members of the armed forces include a childcare tax credit.
True or false: The benefits offered by IRS to members of the armed forces include a childcare tax credit.
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Which tax benefit can help with childcare costs?
Which tax benefit can help with childcare costs?
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Which type of pay is not taxed for those serving in combat zones?
Which type of pay is not taxed for those serving in combat zones?
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True or false: Members of the armed forces can claim both the education tax credit and student loan interest deduction at the same time.
True or false: Members of the armed forces can claim both the education tax credit and student loan interest deduction at the same time.
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Study Notes
- IRS offers tax benefits to members of the armed forces to offset costs of serving in the military
- Benefits include combat zone tax exclusion, housing allowance exclusion, dependency tax exemption, education tax credit, and student loan interest deduction
- National Guard and Reserves may be eligible for same benefits as active-duty members
- Members stationed overseas may be eligible for additional tax benefits
- More information available on IRS website
- Tax benefits can help with travel, housing, and childcare costs
- Combat pay is not taxed for those serving in combat zones
- Housing allowance is not taxed for those stationed away from home of record
- Education tax credit and student loan interest deduction available for those enrolled in school
- Consult with tax professional for any questions or concerns.
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Description
"Take our quiz to learn about the tax benefits available to members of the armed forces! Discover how combat zone tax exclusion, housing allowance exclusion, and other benefits can help offset costs of serving in the military. Find out if you're eligible for these benefits, and get tips on how to maximize your savings. With important information on education tax credits and student loan interest deductions, this quiz is a must-take for military members and their families. Consult with a tax professional for any questions or concerns,
