Updated January 21, 2015 – Similar to the free military version from TurboTax, military personnel and their families are able to prepare, print and e-file their Federal Tax returns for free using TaxACT. TaxACT will help you deduct things like combat pay and living allowance taxes. It also helps with with deducting non-taxable items like the value of provided quarters, dependent care assistance programs, and more. Just head on over to the military page at TaxACT for complete details.
You may have extra time to file your taxes.
If you or your spouse are currently stationed overseas and on active military duty then you have the option of sending-in your tax return up to 2 months later than very one else (June 15th vs. April 15th). If you need more time, just file Form 4868 and you’ll be able to have up to 4 additional months to prepare your 2014 tax return without any penalties. If you happen to be in an active combat zone then you may be entitled to even more time to complete your tax return – generally, you’ll have 180 days from your last day in combat (or your last day in the hospital if you’re injured from combat) to file your taxes.
How much will my State tax return cost me?
If you live in a State that requires a state tax return, like California in my case, then you may have to pay for filing this return. When using the Free Federal Edition, adding a State return (with free e-file if available in the State that you live in) is an extra $14.99. That’s not bad considering that TurboTax’s State returns are nearly double the cost to the exact same thing.