Business & Finance Personal Finance

How to Claim Reserve Duty Tax Benefits

    • 1). Complete Form 2106 -- Employee Business Expenses -- if you traveled more than 100 miles away from your home for reserve-related activity. Deductible travel expenses can include meals, lodging and mileage.

    • 2). Enter the amount of reserve-related travel expenses from line 10 of Form 2106 on Form 1040, line 24. If you used Form 2106 to calculate other expenses, be sure to enter only the amount of expenses related to reservist activity on line 24. Attach Form 2106 to your federal tax return.

    • 3). Subtract the amount of reservist expenses from the total amount of business expenses on line 10 of Form 2106. Enter the difference on line 21 of Schedule A as an itemized deduction.

Related posts "Business & Finance : Personal Finance"

Is Interest From a IRA CD Taxable?

Personal Finance

Personal Wire Transfer Bank Report Requirements for the IRS

Personal Finance

List of Massachusetts Credit Reporting Agencies

Personal Finance

How to Identify Canadian Paper Money

Personal Finance

Can a Person's Social Security Check Be Garnished?

Personal Finance

Instructions on How to Create a Budget

Personal Finance

How to Sell Prepared Scrap Metal

Personal Finance

Social Security Benefits for a Caretaker of the Medically Disabled

Personal Finance

Can an IRA Rollover/SEP Account Be Self-Managed?

Personal Finance

Leave a Comment