What does this mean exactly: No. In order to claim a Military Benefits Subtraction (also known as the Military Retirement Subtraction), the eligible military benefits subtracted must be included as income on your federal income tax return and you may only subtract up to: $20,000 of eligible military benefits on your tax year 2023 return; $30,000 of eligible military benefits on your tax year2024 return; and $40,000 of eligible military benefits on your tax year 2025 and later returns. And where do I put it in drake software program?

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This statement explains the Military Benefits Subtraction for taxes and how to handle it in Drake so... View the full answer