A recent conversation about Personally Procured Moves (PPM), formerly known as Do It Yourself (DITY) moves, reminded me to remind you to ensure that you have ALL of your W-2s and 1099-INTs accounted for on your 2014 tax returns.
What in the heck am I talking about?
In addition to the W-2 that military members receive for their pay and some allowances, the Defense Finance and Accounting Service (DFAS) is required to issue some special W-2s and 1099s for special situations. There are two main reasons why you might have a special tax statement available: a PPM payment, or interest earned on a Savings Deposit Program (SDP) account balance.
If you did a PPM last year, you will have to declare that income and then deduct all the expenses you incurred. This can be a little tricky – if you’re not sure how, be sure to get some help to ensure that you do it correctly.
If you invested money in the Savings Deposit Program (SDP) while deployed, you’ll have a 1099-INT interest statement available on MyPay. This statement is generated for each year that you have money in an SDP account, not just when you take the money out.
If you’re not sure if you have these issues, there’s an easy way to find out: log into your myPay account, and click on the links that say Travel/Miscellaneous Tax statement (W-2) and SDP Tax Statement 1099-INT. If there’s nothing there, then you are good to go!
If, by chance, you’ve already filed your income tax return and you’ve just realized that you have a special W-2 or 1099-INT, don’t panic. An amended return isn’t too dramatic, but it does have to be done to ensure that you have filed correctly. As always, if you are confused or not sure how to do it correctly, please reach out to the tax assistance office on base or get in touch with the tax assistance specialists at Military One Source.