USAA - Spring 2015 - (Page 9)

53 % THE NUMBER More than half. That's how many veterans rate their transition to civilian life as "difficult" in a 2014 survey by Blue Star Families. Start your transition with the Separation Assessment Tool at usaa.com/leavingthemilitary. Max Your Tax Return These overlooked credits and write-offs might save you money at tax time. Travel Insurance 101 Even the best travel plans can go awry. Here's what you need to know about policies and extra protection. What does travel insurance cover? Most policies have three parts, says Linda Kundell, spokeswoman for the U.S. Travel Insurance Association. Financial protection can reimburse nonrefundable deposits if your trip is canceled, delayed or interrupted. Medical protection should cover doctor and hospital care while traveling. Assistance services can help replace a passport or find a translator. PHOTOGR APH BY GET T Y IMAGES/ WAVEBREAK Do I already have coverage? Check your auto insurance and credit card benefits, says Christopher Elliott, author of "How to Be the World's Smartest Traveler (and Save Time, Money, and Hassle)." Some benefits provide rental car insurance or lost luggage compensation. Also, review your health insurance; many policies don't cover you outside the U.S. How much does it cost? "Travel insurance normally costs 4 to 8% of your total trip costs," Kundell says. "A 'cancel for any reason' policy might cost 50% higher." - kristin baird rattini PARENTS CAREGIVERS MOVING You may be entitled to a dependent care tax credit if your child is younger than 13 and is in day care or afterschool care so you can work (full or part time) or be a full-time student. Income limitations may apply. Those supporting an aging parent may be able to claim the parent as a dependent, even if the parent lives in his or her own home or in an assisted living facility. You must provide more than 50% of your parent's support costs. If your parent is your dependent and you're not married, you may also qualify for head of household filing status. Don't overlook your moving costs. You may be able to deduct reasonable expenses, including mileage for your vehicle (23.5 cents per mile in 2014) if the move is tied to the start of work. In order to qualify, you must work full time for at least 39 weeks during the first 12 months after your move. Different rules apply to PCS moves. Learn how TurboTax can help members save at usaa. com/taxes ILLUSTR ATIONS BY JOHN W. TOMAC (POSTCARD); MAT THEW HOLLISTER (TA X RETURN) SPRING 2015 USA A 9 http://usaa.com/leavingthemilitary?wa_ref=USAAmag http://usaa.com/taxes?wa_ref=USAAmag http://usaa.com/taxes?wa_ref=USAAmag

Table of Contents for the Digital Edition of USAA - Spring 2015

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USAA - Spring 2015