While deployed to a qualifying combat zone, Military Officers have the option to participate in the Savings Deposit Program (SDP). If they do, they'll receive 10% interest on an account balance of $10,000 for the duration of their deployment to the combat zone.
SGLI is an important benefit provided to military members. It is important to understand how you sign up, who can be or are your beneficiaries and the tax treatment of SGLI proceeds when developing your financial plan.
Generally speaking service academy cadets and midshipmen have all their education expenses covered with the exception of books. This exception, combined with the fact that it is unlikely that their parents can claim them as dependents opens the door for the American Opportunity Credit.
Military officers need to be ready to support widow(er)s of those under their command or supervision. One way they can do this is to understand the military tax break that allows military widow(er)s to roll SGLI proceeds into a Roth IRA.
While many military members will be able to use GI Bill funds to pay for their children's education, in many cases it won't be enough. Using a 529 plan to save for college expenses is a good idea. But you also need to understand how you can use 529 plan funds.
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