There are a lot of things to deal with when a parent passes away. Grief being one of them. But if your deceased parent had an IRA, you might be able to save the surviving parent a lot of tax money if you consider extra IRA distributions in the year of death.
We generally recommend that you don't get your tax advice from social media. You'll hear people tell you to ignore your VA benefits when you're doing your taxes as they're not taxable. That doesn't mean they don't affect your taxes.
Let's face it, nobody likes to file taxes. And if you're in the military there are always a lot of other things tying up your time. Before it gets way to late, here are some tips to get your taxes done quickly.
More and more active and retired military members are receiving Form 1099-K. What is it? What should you do with it?
Holding rental real estate can be a good investment for military members. Disposing of that real estate can be a "taxing" event. One way to avoid that taxation is with an UPREIT.
Read the title again. Exchange funds (not exchange traded funds) are a unique tool that could benefit an admittedly small number of retired military members. That doesn't mean you shouldn't understand them.
Can you contribute to both a Roth and Traditional IRA in the same year? How much can you contribute to each? Do your contributions to TSP affect the amount you can contribute? Check out this article for the answers.
Details in the Tax Code change every year. If you're not up to date on them, you could miss an opportunity. Or worse...
During a military career, it's pretty likely to see something that doesn't really make a lot of sense. A new provision in the tax code going into effect in 2025 kind of fits that bill.
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