Saturday, January 5, 2013

2012 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.  Sometimes this is called the FBM Deduction.  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.  If you find this worksheet useful, and it saves you money on taxes, consider making a donation.  
2013 worksheet and more: HERE
Boomer Deduction Worksheet for Tax Preparation - 2012
Numbers are for entries into software or initial form entries.

(A) Days of Refit assist in 2012 __________
(B) Days of Off Crew in 2012 __________
(C) Distance from Home to Off Crew Bldg __________
(D) Distance from Home to Waterfront __________
(E) Rent (do not include any mortgage info here)*__________
(F) Average Monthly Utilities __________
(G) Do you go home for lunch every day? __________
(H) Number of people (including wife and kids) sharing your residence___________

(I) Total Days with boat unavailable (A) + (B) = _____________
(J) Monthly Housing Costs (E) + (F) = ______________

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

Business Mileage:
If (G) is NO:
( (A) x (D) x 2 ) + ( (B) x (C) x 2 ) = ______________

If (G) is YES:
( (A) x (D) x 4 ) + ( (B) x (C) x 4 ) = ______________

Per Diem Rates (assumes reasonable distance form base):
Glynn County, GA $56
Other GA Counties around Kings Bay $46
Florida (around Jacksonville) $51
Kitsap County, WA $46
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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