Thursday, March 15, 2012

Simplified Boomer Deduction Worksheet

Military Submariners serving on two crew ballistic missile or guided missile boats are eligible to deduct lodging and other expenses when their "Tax Home" (the sub) is unavailable.  There are many discussions of what exactly is deductible, but this worksheet will work in most situations and make it easy to determine what amounts to enter on various forms or enter into tax prep software.  For 2012 Taxes, click HERE

Boomer Deduction Worksheet for Tax Prep 2011
Numbers are for entries into software or initial form entries.

(A) Days of Refit assist in 2011 before July 1st __________
(B) Days of Off Crew in 2011 before July 1st __________
(C) Days of Refit assist in 2011 after June 30th __________
(D) Days of Off Crew in 2011 after June 30th __________
(E) Distance from Home to Off Crew Bldg __________
(F) Distance from Home to Waterfront __________
(G) Rent (do not include any mortgage info here)*__________
(H) Average Monthly Utilities __________
(I) Do you go home for lunch every day? __________
(J) Number of people (including wife and kids) sharing your residence___________

(K) Total Days with boat unavailable (A) + (B) + (C) + (D) = _____________
(L) Monthly Housing Costs (G) + (H) = ______________

Form 2106 Computation Worksheet Entries:
Lodging and Incidental Expenses ((K) / 30 x (L))/J = _____________
Laundry and Cleaning Expenses (K) / 7 x $10 = ______________
Meal Expense (K) x Per Diem Rate from Table below = ______________

If (I) is NO:
Business Mileage before July 1st:
( (A) x (F) x 2 ) + ( (B) x (E) x 2 ) = ______________
Business Mileage after June 30th:
( (C) x (F) x 2 ) + ( (D) x (E) x 2 ) = ______________

If (I) is YES:
Business Mileage before July 1st:
( (A) x (F) x 4 ) + ( (B) x (E) x 4 ) = ______________
Business Mileage after June 30th:
( (C) x (F) x 4 ) + ( (D) x (E) x 4 ) = ______________

Per Diem Rates (assumes reasonable distance form base):
Glynn County, GA $56
Other GA Counties $46
Florida $51
Kitsap County, WA $66
King County, WA $71
Pierce County, WA $61

Other counties look up in IRS Pub 1542 or http://www.gsa.gov/portal/category/21287
*You deduct mortgage interest, taxes and mortgage insurance premiums directly on Schedule A

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