Monday, December 7, 2015

2015 Boomer Deduction Worksheet

If you are filing 2016 taxes, you should be on the 2016 Worksheet which is HERE

If you like the blog, buy my book: Everyday Taxes.  The 2015 edition has specific information in each chapter for military members.  The chapters are based on life events and are easy to read. It's inexpensive too!

You should also check out these blog posts on Military State Rules and the Military Spouses Residency Relief Act.

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.

I will not be able to do the instructions for individual software programs this year.  It simply required too much time and effort, for not a lot of return.  I have had to allocate more of my time to the book.  The 2014 instructions will probably work okay:

H&R Block and Amazon will give you a 10% kicker to any refund you have deposited as an Amazon Gift Card.  If you are going to use the CD version of H&R Block software please buy through the link to help defray the costs of this blog.  Here's a link:

H&R Block 2015 Deluxe + State Tax Software + Refund Bonus Offer - PC/Mac Disc

Boomer Deduction Worksheet for Tax Preparation - 2015
Numbers are for entries into software or initial form entries.

(A) Days of Refit assist in 2015 __________
(B) Days of Off Crew in 2015 __________
(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:
(K) Lodging and Incidental Expenses ((I) / 30 x (J))/H = _____________
(L) Laundry and Cleaning Expenses (I) / 7 x $10 = ______________
(M) Meal Expense (I) x Per Diem Rate from Table below = ______________

(N) 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/content/104877
*You deduct mortgage interest, taxes and mortgage insurance premiums directly on Schedule A


HERE is an Excel Spreadsheet based on this worksheet (it says 2014 but the numbers didn't change so it works for both years)

11 comments:

  1. Would we use this deduction if we're not itemizing?

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    Replies
    1. The Boomer Deduction does require itemizing, but, if you have a good Boomer Deduction (you live a decent distance from the boat, have a good number of off-crew days and/or you rent vice own) you can often use the Boomer Deduction to make yourself itemize.

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  2. Does this worksheet work for tax year 2016?

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    Replies
    1. Yes, except I need to update the per diem rates. The link will get you to the website with current rates.

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    2. Sorry I haven't gotten to it yet...too much new crazy stuff to blog about and tons of work trying to get people to buy my book...

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  3. Where do you include your business mileage?

    ReplyDelete
    Replies
    1. Your software should have a section on employee business expense. There you enter your car information and the mileage.

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  4. how do you account for the BAS and BAH that was paid during the offcrew days.

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    Replies
    1. Some people consider that reimbursement...I don't. The spreadsheet linked has blocks that will calculate the reimbursement, if you desire. Also, there is a 2016 worksheet on my blog...make sure you use the per diem numbers from that post...the ones on this post and the spreadsheet are not right for a 2016 return.

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  5. If this is the only thing we are itemizing, does the tax credit make it worth it?

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