Schuette, The Real McCoy Staff
Fort McCoy Volunteer Income Tax Assistance (VITA) Center is accepting
appointments and will open for the season, beginning Monday, Feb. 9.
free service, which includes e-filing, is available to authorized
active-duty and retired military personnel and their family members.
changes in federal income tax regulations will benefit Fort McCoy
taxpayers who are filing 2008 income tax returns.
"With the change, we are requesting everyone making an
appointment with VITA who receives property tax statements to
bring them along."
Fort McCoy VITA Center
Byers of the Fort McCoy VITA program said the one change that likely
will benefit the most personnel using the VITA services increases the
standard deduction by a portion of the state or local real estate tax
payments they make. Taxpayers who itemize their deductions will not be
affected by this change as they can include their real estate taxes
when calculating their itemized deduction expenses.
the change, we are requesting everyone making an appointment with VITA
who receives property tax statements to bring them along," Byers
said. "It is not only needed for federal income taxes, but often
can be used to get tax credits on state income taxes."
who claim the standard deduction and pay local or state real estate
taxes may see an increase in their standard deduction, which generally
will be up to $500 per taxpayer or $1,000 if filing jointly.
Gonzales, an IRS tax consultant in Milwaukee, said the other changes
to note include increasing the alternative minimum tax (AMT) exemption
amount, expanding the Individual Retirement Account (IRA) deduction
and a recovery rebate credit opportunity for military personnel.
AMT exemption has increased to $46,200 if filing as a single taxpayer
($69,950 if filing jointly or as a qualifying widow(er), and $34,975
if filing married and separately).
who make an IRA contribution may be able to deduct up to $5,000 each
if filing jointly, $6,000 if age 50 or older at the end of the year
those covered by a retirement plan, they may be able to take an IRA
deduction if their 2008 modified adjusted gross income is less than
$63,000 ($105,000 if filing jointly or as a qualifying widow(er)). If
a spouse is covered by a retirement plan, and you weren’t you may be
able to take an IRA deduction if your 2008 adjusted gross income is
less than $169,000.
military taxpayers may be eligible for a recovery rebate credit. This
is based on the same criteria as the 2007 tax year economic stimulus
rebate, which was paid in 2008. The recovery rebate credit will be
reduced by any amount received as an economic stimulus rebate.
IRS is not treating the economic stimulus rebate as a taxable income
credit, as it does for state or local tax refunds, for those personnel
who itemize their deductions, Gonzales said.
should note that they may be mailing their return to a different
address this year because the IRS has changed the filing location for
several areas," Gonzales said. "If you received an envelope
with your tax package, you are encouraged to use it."
information about federal income tax returns is available at the Web
information about state income tax returns is available at the Web
site for each state. For Wisconsin, the Web site for individual state
income tax returns is http://www.revenue.wi.gov/html/indiv.html,
which also includes a link to tax forms/information from other states.
make a VITA appointment in the Fort McCoy community, call (608)
388-2165. For more information about the program, call (608) 388-4117.