By Capt. Jaclyn AmbriscoeMarch 28, 2014
Has the holiday season left your wallet empty? There is good news for you: it's tax time!
You may have a large tax refund coming your way. The tax deadline is April 15, 2014.
Last year, the Second Infantry Division Tax Center filed over 2,500 returns with a total refund value of over $3,000,000.
Call to schedule an appointment at one of the Tax Centers on Camp Casey or Camp Red Cloud. Our mobile tax team sees walk-ins at Camp Stanley every Wednesday from 9 a.m. -- 4 p.m.
Tax issues can become complicated and stressful. Let our team of IRS-trained tax preparers assist you, at no cost.
Before you come for your appointment, be sure to bring the following documents:
• Forms W-2: You can print your military W-2 from MyPay. You will need W-2s from every employer you and your spouse worked for during 2013.
• Forms 1099: Your bank or financial institution will send you this form if you have earned interest, dividends, or distributions from IRAs.
• Form 5498: If you contributed to an IRA in 2013, your bank will issue you this form stating how much you contributed. You can deduct up to $5,500 in IRA contributions from your taxable income.
• Copies of social security cards for you, your spouse, your children, and anyone else you claim as a dependent. If your children do not have social security cards, apply for one at http://www.ssa.gov/ssnumber/.
• There are certain tax benefits that you can only claim if your children have a SSN. If your spouse is not a U.S. citizen and does not have a SSN, you will need to apply for an ITIN on a form W-7. The W-7 is submitted when you file your taxes. The foreign spouse must bring his/her passport in order to apply for an ITIN.
• A copy of last year's federal and state tax returns.
• A Power of Attorney if you are married filing jointly and your spouse is not in Korea. You must use Form 2848, http://www.irs.gov/pub/irs-pdf/f2848.pdf.
• Your bank account number and routing number so that your tax refund can be directly deposited into your savings or checking account.
• Form 8332: If you are divorced or legally separated and claiming a dependent child who does not physically reside with you, then the custodial parent must consent to your claiming the child by signing this form.
• Divorce Decree or Legal Separation Agreement: Alimony or spousal support is deductible from your gross income if you are the payor. You will need to submit the court documents along with the recipient's SSN.
• Forms 1098: If you have a mortgage on your home, the bank holding your mortgage will send you this form detailing the amount of interest and mortgage related expenses you paid. Mortgage interest is tax deductible. You will also receive a Form 1098-E if you paid student loan interest. You can deduct up to $2,500 of student loan interest you paid.
• HUD-1: Your mortgage company will issue you this form if you bought a home in 2013. It details your closing costs. Certain closing costs are tax deductible.
• School tuition statements: You may qualify for certain education credits such as, the American Opportunity Credit or the Lifetime Learning Credit.
• Income from Rental Property: You can deduct rental expenses from your total rental income. Bring in documentation of all expenses related to the rental property.
If you have any questions regarding filing your taxes, please contact the 2ID Tax Center at 730-4888.