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MFTRA

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AcronymDefinition
MFTRAMilitary Family Tax Relief Act of 2003


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121 exclusion for personal residence sale gain was the most anticipated of the MFTRA changes, taxpayers will also benefit from an increased exclusion of death benefits, favorable travel expense deductions, expansion of filing extensions and changes in the tax treatment of withdrawals under Coverdell education savings accounts (ESAs) and qualified tuition plans (QTPs).
MFTRA doubles the military death benefit to families of fallen soldiers to a tax-free sum of $12,000.
 
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