- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
I spent 4 years in the Navy and was hired as a civil servant and paid $1016.00 to buy back my military time so it counts as time employed. Is this tax deductible?
Topics:
June 6, 2019
12:26 PM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Tax help for military filers
Unfortunately, no. There’s no available deduction for purchasing the buyback service credit in the year that you pay for them.
On the bright side, when you retire, you won’t have to pay income tax on the portion of your retirement pay reflecting the amount you paid in, since that income has already been taxed.
June 6, 2019
12:26 PM