2019 Tax Prep: Back to Basics

Tax Time Prep Image of W2

It’s tax time again. And while the federal income tax filing deadline for 2019 has been extended to July 15, 2020, that date will be here before you know it. Whether you’re preparing your own taxes or seeking professional assistance, here’s some guidance on what documents you need and where to get additional support to be prepared. Let’s get back to basics for 2019 tax prep.

Common 2019 Tax Prep Documents

Documentation needed to complete your taxes falls into two broad categories: income and expenses. Some of the most common documents are listed below. However, please note that there are many more tax categories of income and expenses not covered here. Visit the resources listed below for more information.

Common income forms

  • Form W-2: This is the wage and tax statement from your employer.
  • Form 1099: There are several sub-types of Form 1099 that cover other income, including interest income, self-employment income, dividends, real estate sale proceeds, retirement account distributions and Social Security benefits, to name a few.

Common Expense Forms

  • Form 1098: Sub-types of this form cover interest paid on loans, such as mortgage interest and student loan interest. Tuition paid for higher education is also part of this category.
  • Child care expenses: Your provider should give you a summary.
  • Business expenses: If you are self-employed, you may be able to deduct your business expenses.

Special Provisions for Military Members

Did you know that if your spouse deployed to a combat zone in 2019, his or her pay during deployment is not subject to federal income tax? This is called the Combat Zone Tax Exclusion (CZTE) and should be automatically excluded on their W-2. Check out MilSpouse Money Mission: Pre-Deployment for more information.

Also, if your family experienced a permanent change of station (PCS) in 2019, some of your unreimbursed moving expenses may be deductible. So, be sure to take out, organize and tally up those receipts!

2019 Tax Prep Help Is a Call, Click or Visit Away

Taxes can be a challenging topic, especially for members of the military. The good news is that you do not have to figure them out on your own. Military OneSource MilTax has you covered.

You can access free tax filing software and make an appointment to speak with a trained tax consultant. Tax Centers or Volunteer Income Tax Assistance Program Centers (VITA) on or near your installation are great resources for military families. VITA Centers provide free, in-person consultation and tax preparation services for military families. Click here to find a VITA location near you.

Every family’s tax situation is unique. Seek advice from a professional or visit the resources listed above for more information. Get back to basics with your 2019 tax prep to file your tax return with confidence.

Are you ready to join the mission?

MilSpouse Money Mission™ is a Department of Defense resource that offers FREE personal financial education specifically geared toward spouses. There is a Money Ready guide for various stages of financial life, a MilLife Milestones section to help you through the big moments in your military journey, a blog, spouse videos, quizzes, calculators and more!

Join the mission to lead your family to a stronger financial future. Get started, here! Connect with us on social media and share this post.

Primary Text Separator for Milspouse Money Mission, Financial Education for Military Spouses

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Primary Text Separator for Milspouse Money Mission, Financial Education for Military Spouses
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Tax Time Prep Image of W2

It’s tax time again. And while the federal income tax filing deadline for 2019 has been extended to July 15, 2020, that date will be here before you know it. Whether you’re preparing your own taxes or seeking professional assistance, here’s some guidance on what documents you need and where to get additional support to be prepared. Let’s get back to basics for 2019 tax prep.

Common 2019 Tax Prep Documents

Documentation needed to complete your taxes falls into two broad categories: income and expenses. Some of the most common documents are listed below. However, please note that there are many more tax categories of income and expenses not covered here. Visit the resources listed below for more information.

Common income forms

  • Form W-2: This is the wage and tax statement from your employer.
  • Form 1099: There are several sub-types of Form 1099 that cover other income, including interest income, self-employment income, dividends, real estate sale proceeds, retirement account distributions and Social Security benefits, to name a few.

Common Expense Forms

  • Form 1098: Sub-types of this form cover interest paid on loans, such as mortgage interest and student loan interest. Tuition paid for higher education is also part of this category.
  • Child care expenses: Your provider should give you a summary.
  • Business expenses: If you are self-employed, you may be able to deduct your business expenses.

Special Provisions for Military Members

Did you know that if your spouse deployed to a combat zone in 2019, his or her pay during deployment is not subject to federal income tax? This is called the Combat Zone Tax Exclusion (CZTE) and should be automatically excluded on their W-2. Check out MilSpouse Money Mission: Pre-Deployment for more information.

Also, if your family experienced a permanent change of station (PCS) in 2019, some of your unreimbursed moving expenses may be deductible. So, be sure to take out, organize and tally up those receipts!

2019 Tax Prep Help Is a Call, Click or Visit Away

Taxes can be a challenging topic, especially for members of the military. The good news is that you do not have to figure them out on your own. Military OneSource MilTax has you covered.

You can access free tax filing software and make an appointment to speak with a trained tax consultant. Tax Centers or Volunteer Income Tax Assistance Program Centers (VITA) on or near your installation are great resources for military families. VITA Centers provide free, in-person consultation and tax preparation services for military families. Click here to find a VITA location near you.

Every family’s tax situation is unique. Seek advice from a professional or visit the resources listed above for more information. Get back to basics with your 2019 tax prep to file your tax return with confidence.

Are you ready to join the mission?

MilSpouse Money Mission™ is a Department of Defense resource that offers FREE personal financial education specifically geared toward spouses. There is a Money Ready guide for various stages of financial life, a MilLife Milestones section to help you through the big moments in your military journey, a blog, spouse videos, quizzes, calculators and more!

Join the mission to lead your family to a stronger financial future. Get started, here! Connect with us on social media and share this post.

Team Member

We are team of financial professionals who understand military life because we have experienced military life. Our goal is to educate and empower military spouses to help them make smart money moves. We combine passion and expertise to ensure you get the most accurate and relevant information. Take comfort knowing Certified Financial Planner™ professionals, an Accredited Financial Counselor® and the Department of Defense Office of Financial Readiness have vetted the content on this site.

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Primary Text Separator for Milspouse Money Mission, Financial Education for Military Spouses
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