shiftomnimega
06-01-2006, 08:24 AM
Just in case some it hasn't filtered down:
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NEWS RELEASES from the United States Department of Defense
No. 487-06 IMMEDIATE RELEASE
May 30, 2006
President Bush Signs New Tax Legislation for Military Personnel
On May 29, President Bush signed the Heroes Earned Retirement Opportunities (HERO) Act, which amends the Internal Revenue Code to allow service members to still exclude their military compensation from federal income tax, but also contribute to an Individual Retirement Account (IRA) while serving in a combat zone tax exclusion area.
Military compensation earned by members of the armed forces while serving in combat zone areas is excluded from federal income tax. Enlisted members and warrant officers exclude all such military compensation. Commissioned officers exclude up to the maximum enlisted pay plus imminent danger pay for the months they serve in a combat zone tax exclusion area.
The HERO Act is retroactive to tax year 2004. Therefore, members who did not make an IRA contribution during 2004 or 2005, because they were not eligible due to combat zone tax exclusion, have until May 28, 2009 (three years from the date of enactment) to make a contribution to an IRA for those years.
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This is HOT! I just called USAA to make my 2005 contribution; however, they can't do the transaction over the phone.
For any of you guys with an IRA at USAA looking to make a 2004 or 2005 contribution fax or mail the following to them:
Name, USAA number, ACCT number for IRA, and a note like this
Due to a recent change in legislation (HERO Act) I would like to make a contribution for the year of X in the amount of X. Please withdraw funds from the account I have on record.
If you decide to mail the request then you can just enclose a check instead of requesting to withdraw funds from the bank.
DO NOT forget to sign the bottom of the page.
Cheers.
...
NEWS RELEASES from the United States Department of Defense
No. 487-06 IMMEDIATE RELEASE
May 30, 2006
President Bush Signs New Tax Legislation for Military Personnel
On May 29, President Bush signed the Heroes Earned Retirement Opportunities (HERO) Act, which amends the Internal Revenue Code to allow service members to still exclude their military compensation from federal income tax, but also contribute to an Individual Retirement Account (IRA) while serving in a combat zone tax exclusion area.
Military compensation earned by members of the armed forces while serving in combat zone areas is excluded from federal income tax. Enlisted members and warrant officers exclude all such military compensation. Commissioned officers exclude up to the maximum enlisted pay plus imminent danger pay for the months they serve in a combat zone tax exclusion area.
The HERO Act is retroactive to tax year 2004. Therefore, members who did not make an IRA contribution during 2004 or 2005, because they were not eligible due to combat zone tax exclusion, have until May 28, 2009 (three years from the date of enactment) to make a contribution to an IRA for those years.
...
This is HOT! I just called USAA to make my 2005 contribution; however, they can't do the transaction over the phone.
For any of you guys with an IRA at USAA looking to make a 2004 or 2005 contribution fax or mail the following to them:
Name, USAA number, ACCT number for IRA, and a note like this
Due to a recent change in legislation (HERO Act) I would like to make a contribution for the year of X in the amount of X. Please withdraw funds from the account I have on record.
If you decide to mail the request then you can just enclose a check instead of requesting to withdraw funds from the bank.
DO NOT forget to sign the bottom of the page.
Cheers.