William Penn Life, 2004 (39. évfolyam, 1-12. szám)
2004-03-01 / 3. szám
---------■-----------..... MoneywiSe equipped to address military specific tax issues, such as combat zone tax benefits and the effect of the new Earned Income Tax Credit (EITC) guidelines. The military tax programs generated over 400,000 electronic 2002 federal income tax returns. Commanders support the program by detailing service members to prepare returns and by providing space and equipment for tax centers. The IRS supports these efforts by providing tax software and by training service members to prepare taxes at the military sites. Most service members file their tax returns electronically at their tax centers and, by selecting direct deposit, receive their refunds in as little as one week. This combined effort ensures that service members receive free tax assistance from welltrained and equipped military tax preparers. What to bring with you when preparing your return Items you need to bring to the VITA/TCE Sites to have your tax returns prepared include: • Photo identification; • Social Security Cards for you, your spouse and dependents; • Birth Dates for primary, secondary and dependents on the tax return; • Current year's tax package if you received one; • Wage and earning statement(s) Form W-2, W-2G, 1099-R, from all employers; • Interest and dividend statements from banks (Form 1099); • A copy of last year's federal and state returns if available ; • Bank routing numbers and account numbers for direct deposit ® Other relevant information about income and expenses, such as:- payments for day care; and- day care provider's identifying number. To file taxes electronically on a "married filing jointly" tax return, both spouses must be present to sign the required forms. The importance of accurate Social Security information It is extremely important that each person use the correct Social Security Number (SSN). The most accurate information is usually located on your original social security card. Each year hundreds of thousands of returns are delayed in processing or credit/deductions are disallowed because names and Social Security Numbers do not match Social Security Administration records. To prevent processing delays in paper returns and rejected electronically filed returns, volunteers check the accuracy of each Social Security Number, as well as the spelling of the name associated with the number. If you do not have a Social Security Number for you or a dependent, you should complete a Social Security Number Application, Form SS-5. This form should be submitted to the nearest Social Security Administration Office. Payment options available when using IRS e-file If you owe, you can make a payment (by April 15) by authorizing an electronic funds withdrawal (direct debit) from a checking or savings account, paying by credit (Discover Card®, American Express®, MasterCard® or VISA® Card), or by check or money order (made out to the United States Treasury) using Form 1040-V, Payment Voucher. |ff]n| THAT’S A QUESTION YOU MAY not have asked yourself very often, if ever. But, it’s one you should ask yourself at least once a year. We can’t stress enough the importance of regularly checking the beneficiaries listed on your life insurance policies. It is the only way to ensure that the people you want to receive the benefits of your life insurance are the ones who will receive it Think about the changes that have occurred in your life since you purchased your life insurance. Getting married, having children, losing a loved one, getting divorced, getting remarried-all these life changes affect your responsibilities. Do the beneficiaries currently listed on your life insurance policies reflect such changes? If you think you need to update the beneficiaries listed on your policies—either primary or secondary beneficiaries—contact your WPA representative. Or, call our Home Office toll-free at 1-800-848-7366. William Pew Life, March 2004 5
