USAA - Spring 2014 - (Page 8)

FRONT THE INVEST MONEY AUTO HOME Free Tax Tools Can Help Speed Up Your Refunds USAA members can streamline their tax preparation through new tools developed in conjunction with tax software maker TurboTax. The USAA Mobile App now enables users to take photos of W-2 forms and upload them to TurboTax. This technology was developed to make it more convenient for service members, who receive W-2s by mail from the Defense Department, to upload and access their tax information. The app also includes a refund estimator and a schedule of when tax forms will be available from USAA.† Active-duty military personnel can receive a free copy of TurboTax Military Edition, while all USAA members can receive up to $20 off its tax-prep software by signing up through usaa.com/taxes. Those serving in a combat zone may be eligible for a tax filing extension of 180 days after their last day of qualifying service. Caroline Tucker, director of investment product management at USAA, recommends e-filing through TurboTax or other software to expedite your refund. Typically, using a tax-prep program also can help you keep up to date on the many changes to the tax code in 2013. These include higher marginal tax rates on wages and investment income for individuals earning more than $400,000 and new income levels for exemption from the alternative minimum tax. Tucker suggests consulting a financial planner about strategies to manage taxable income and take advantage of new or extended exemptions and deductions. One more thing to note: Due to delays caused by the 16-day federal government shutdown in October, the Internal Revenue Service did not start accepting electronic returns until Jan. 31. This 10-day late start could postpone refunds for some tax filers. Despite the filing delay, federal tax returns are still due on April 15. -BYMARKMCLAUGHLIN †Refund estimator is provided by TurboTax. USAA does not provide tax advice. The applicable tax law is complex, the penalties for noncompliance are severe, and the applicable tax law of your state may differ from federal tax law. Therefore, you should consult your tax advisors regarding your specific situation. 8 USAA Magazine SPRING 2014 See legal information on page 30. 800-531-USAA (8722) PHOTOGRAPHY BY DNY59/GETTY IMAGES http://www.usaa.com/taxes

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USAA - Spring 2014