Taxes work a little differently when you are a military servicemember or a veteran. Let’s talk about a few incentives available to military personnel.
The IRS allows a tax deduction for education costs that were not reimbursed by the military. However, the degree pursued must have been required to maintain current salary level and improved your professional skills.
Certain types of contributions to your Individual Retirement Account may also be eligible for tax deductions. Check the IRA’s website or consult a financial specialist to see if your contributions qualify.
Thanks for watching! If you haven’t already, check out Part 1 of this video series to hear a few tax tips for servicemembers and veterans.