Thursday, November 27, 2014

2014 Boomer Deduction Instructions for TaxSlayer

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These are specific instructions for entering information from the Boomer Deduction Worksheet into Tax Slayer using their online tax preparation at www.taxslayer.com.  I used the Miltary version which it said would be free, though I can't vouch for that. 

DISCLAIMER:

This is NOT an endorsement of Tax Slayer!  I also make no promises about the accuracy or reliability of the information presented, it is for assistance and education ONLY.  You MUST do your own due diligence to ensure your taxes are right.  I feel that the assistance of a trained professional is critical in preparing taxes for military members.  Feel free to contact me for questions at taxadvisor@email.com.  Realize still that even if I answer your questions, I make no promises and bear no liability for the accuracy of the answers.  The only way I take ANY liability is if you see me to prepare your taxes in my professional capacity under my employer for whom I work as a tax professional.  Making a donation to this site (which I encourage and appreciate if you make extra money from the massive amount of work and expense this takes) does not constitute paying me for my advice.

Glad that's over!

General Instructions:
  • Make sure you fill out the 2014 Boomer Deduction Worksheet, found HERE, first.
  • The information and answers to various questions apply to the Boomer Deduction only.  It is possible that some yes's or no's may be different for you if you have complementing or overlapping situations.
  • I don't write everything from each page, but I generally start at the top of the page.  Sometimes the page title will use information, such as your name or your car make, so mine won't match.  If the page title is long, I may discontinue with a ... but you should be able to tell where I am.
  • Generally, when finished entering information on a page you click the "Continue" button.  I won't always tell you to do that.
  • I'll indicate new pages on their site by separating information with three asterisks - ***
  • I'll indicate that you should be entering something or clicking a button by using the # sign
Page Instructions:

After logging in and creating an account, you will enter personal information (list occupation as 2 Crew FBM Submariner), as well as information from your W-2's and other documents, advancing using the continue buttons.  Eventually you will get to the Deductions portion where you will select "Enter Myself" which will take you to a list of sections with "Begin" buttons next to them.

***
Deductions
# Click the "Begin" button next to "Itemized Deductions"
***
Itemized Deductions
# Click the "Begin" button next to "Job Related Travel Expenses
***
Form 2106 Information
# In the "Occupation" box, enter "2 Crew FBM Submariner
# In the "Travel expenses while away from overnight including lodging, airplane, car rental, etc." box, enter the value from Line (K) of the Boomer deduction Worksheet
# In the "Business expenses not included above or in vehicle expenses" box, enter the value from Line (L) of the Boomer Deduction Worksheet
# In the "Enter your Meals and Entertainment Expense" box (the first one with the 50% near it) enter the value from Line (M) of the Boomer Deduction Worksheet
# Click Continue (but first start to notice your tax refund getting bigger!  You can thank me later :)
***
Form 2106
# Click the "Begin" button next to "View/Edit Vehicles"
# Enter the make and model in the vehicle description box
# Enter the date acquired
# Enter the total miles driven in 2013 (12/31 odometer - 1/1 odometer)
# In the "Business Miles Driven" box, enter the value from Line (N) of the Boomer Deduction Worksheet
# Enter your daily roundtrip commute in the box that asks for it
# Click "Yes" for "Is your vehicle eligible for the standard mileage rate
# Click Continue
***
Form 2106 Vehicle
# If more than one vehicle used, click the "Add Another" button and repeat steps, if not, Click Continue
***
Form 2106
# Click the "Begin" button next to "Vehicle Questions"
***
Vehicle Questions
# Check the first box if there is more than one car in your household
# Check the other three boxes
# Click Continue
***

That's it!  Hopefully this worked for you.  Feel free to ask any questions at taxadvisor@email.com.  I will try to answer quickly but I do get busy during tax time, so don't feel slighted if it takes a while.  Feel free to ask questions in the comments, that way we can help everyone.  Please share with your fellow Boomer Sailors!  If you want me to do your taxes, I can do them via mail or email with no payment until you are satisfied and with secure online review and approval.  I will also check tax returns for free, and, if I find errors, I will tell you the difference and offer to fix for a price (if I check and find no errors I back it up with my company's standard guarantee.)  I encourage you to take advantage of that, I have seen some bad things on Military Tax Returns (I am a retired submarine Master Chief BTW.)

These posts have more info on the Boomer Deduction, with links to references.  If you do your taxes yourself, make sure to do your due diligence.

http://supertaxgenius.blogspot.com/2012/10/boomer-deduction-history-and-references.html
http://supertaxgenius.blogspot.com/2012/03/more-boomer-deduction-information.html

Please DONATE - this was a pain!  And I still have to do HR Block at Home and a bunch of others!

1 comment:

  1. Some have pointed out that BAH and BAS can be considered reimbursement. I'm on the fence on this. If you want to include it, here's how I would do it:

    Take BAS and divide by 30 and multiply by (I) from the Boomer Worksheet. Note the smaller of this and (M) from the worksheet. We'll call this (O)

    Take BAH and divide by 30 then by (H) from the worksheet then multiply by (I) from the worksheet. Note the smaller of this number and (K) from the worksheet. We'll call this (P)

    Reimbursements are (O) + (P)

    You would answer "Yes" to were you reimbursed and include this number as reimbursement.

    ReplyDelete