$1.2 Billion in Tax Relief for Service Members and Veterans
|
|
San Diego, CA -
Last month, President Bush signed into law tax relief for
service members and veterans that will provide more than $1.2
billion in tax relief. These new provisions included allowing
active duty troops to withdraw money from retirement plans
without a tax penalty for two years, and allowing families of
reservists killed in the line of duty to collect life insurance
from civilian employers.
The ten main
benefits of the new legislation are listed below.
-
Benefit 1: The
ability for active duty troops to withdraw money from
retirement plans, and an allowance of two years to replace
the funds without tax penalty.
-
Benefit 2: A
180-day period for reservists called to active duty to use
unspent funds in a health flexible spending account or
cafeteria plan.
-
Benefit 3: The
ability for military families to count most military cash
allowances beyond basic pay to be treated as earned income
for purposes of determining supplemental security income (SSI)
eligibility and benefit amounts, and treat certain housing
payments as in-kind support and maintenance.
-
Benefit 4:
Clarification that members of the military who file a joint
tax return would be eligible for the stimulus rebate payment
even if the spouse does not have a social security number.
-
Benefit 5: A
one year extension of parity between mental and physical
health benefits. Honoring our veterans.
-
Benefit 6: A
permanent allowance for all veterans to use qualified
mortgage bonds to purchase their homes.
-
Benefit 7:
Extension of a provision that gives retired veterans more
time to claim a tax refund on some types of disability
benefit payments.
-
Benefit 8: The
ability for families of reservists killed in the line of
duty to collect life insurance and other benefits provided
by the civilian employer.
-
Benefit 9: The
ability for families of soldiers killed in the line of duty
to contribute up to 100 percent of survivor benefits to
retirement savings accounts or to education savings
accounts.
-
Benefit 10:
IRS web site for military personnel the IRS has added a
special section to its web site,
www.irs.gov to explain the
benefits and services available to those serving in the us
armed forces.
|
About the ICFE:
About the
ICFE:
The Institute of Consumer Financial Education (ICFE), founded in 1982 by the
late Loren Dunton (creator of the “certified financial planner” (CFP)
designation) and it is dedicated to helping consumers of all ages to improve
their spending, increase savings and use credit more wisely. The ICFE trains and
certifies Personal Finance Instructors for its own curriculum. It also trains
and certifies Credit Report Reviewers and Identity Theft Prevention Specialists.
The ICFE is an award winning, nonprofit, consumer education organization that
has helped millions of people through its education programs and resources. It
publishes the Do-It-Yourself Credit File correction Guide, now in its 16th
printing and has distributed over one million “Credit/Debit Card Warning Labels”
and “Credit/Debit Card Sleeves” world wide.
The ICFE became an official partner with the Department of Defense/Financial
Readiness Campaign in June of 2004.
The ICFE is also a partner in the national Jump$tart Coalition for Financial
Literacy and the California Jump$tart chapter. The ICFE staff is also active
with San Diego Saves, an offshoot of America Saves, and the California Student
Debt Resource Awareness Project (CASDRAP) (studentdebthelp.org).
The ICFE’s on-line help for consumers who spend too much was featured in PARADE
Magazine in the Intelligence Report section. The money helps and tips are from
“The Money Instruction Book,” a course in personal finance, positioned to become
among the premier programs in the new bankruptcy and debtor education
initiatives.
The ICFE Web site at:
http://www.icfe.info helps consumers with mending spending, learning about
the proper use of credit, budget and expense guidelines, how to set up and
implement a spending-plan and also how to access financial education courses and
videos and how to teach children about money. Other ICFE services include a free
eNewsletter, and an online resource center of financial education learning
tools, including videos, books, software and personal finance courses.
.
|
|
| |
| To
Order Financial Education Books, Videos & Tapes: |
|
Click Here for Order
Options (Online, Fax, Phone, Mail) |
| California residents add 7.75%
sales tax |
| Visa,
MasterCard or American Express Accepted |
|
THE ICFE DOES
NOT ACCEPT DISCOVER CARDS, CLICK
HERE TO FIND OUT WHY… |
| call 619-239-1401 fax 619-923-3284 OR or send check
or money order to: |
Institute of Consumer Financial Education
P.O. Box WWW-34070
San Diego, CA 92163-4070 |
| Printable
Order Form |
|
Note:
The Institute of Consumer Financial Education does not
make names available to third parties |
|
Our 