Military Family Tax Relief Act of 2003

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Military Family Tax Relief Act of 2003

Legislation in the United States that provides a number of tax benefits for military personnel and their families. For example, pay received by a service member in combat is tax free. Military families must fill out a special tax form to take advantage of these benefits.
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Of the various tax acts enacted in 2003 and 2004, perhaps the least known is the Military Family Tax Relief Act of 2003 (MFTRA).
A number of provisions in the Military Family Tax Relief Act of 2003 (MFTRA) (1) and the Working Families Tax Relief Act of 2004 (WFTKA) (2) grant tax relief to military personnel and their families.
Members of the Armed Forces and their families gained a number of new tax benefits when the Military Family Tax Relief Act of 2003 was signed into law by President Bush on Nov.
The guide provides further details about the Military Family Tax Relief Act, as well as important changes made by the Service Members Civil Relief Act.
That portion of the Military Family Tax Relief Act of 2003 is retroactive to Sept.
President of PEI, commented, "The Military Family Tax Relief Act (MFTRA) came into effect on November 24 and is designed to provide a variety of amended benefits to military personnel.
citizens, Congress has enacted several specific provisions, such as the Military Family Tax Relief Act, including income exclusions, filing and payment extensions, and tax liability forgiveness.
The 2003 Military Family Tax Relief Act increased the latter to $12,000.
Additionally, the 2003 Military Family Tax Relief Act added IRC section 121(d)(9), which provides military personnel the option to roll the five-year window for up to 10 years, meaning that they must use and own the home for only two out of 15 years.
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