turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

blenz1273
New Member

I sold 30 days of leave when I re-enlisted and need to know how to file it in my taxes

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
ToddL
New Member

I sold 30 days of leave when I re-enlisted and need to know how to file it in my taxes

Any leave you "sold back "should be already be included on your DFAS Form W-2, to include the amount of tax withheld. Just enter the W-2 in the W-2 interview

Selling Back Leave

Military members are authorized to get a cash payment for any unused leave when they separate from the military if they are retiring or separating with an honorable discharge.

You are authorized 1/30 of your basic pay for each day of leave you sell back. Depending on your paygrade and dependent status you may be authorized payment for a portion of your Basic Allowance for Subsistence (BAS), and a portion of your Basic Allowance for Housing (BAH) as well.

Members are entitled to sell back a maximum of 60 days leave during their career, you can sell back leave any time you reenlist, extend an enlistment, or when you are discharged.

Taxes are withheld from your final payment at the rate of 25% for federal tax and varying amounts for state tax, depending on your personal situation, on the basic pay portion alone.

(source http://www.military.com/military-transition/personal-finances/should-you-sell-back-leave-or-take-ter...

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies