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How significant is a pilot or flight attendant per diem deduction?
The per diem deduction for a pilot or a flight attendant can save several hundred to several thousand dollars per year. There are many variables that determine hom much tax refund the pilot or flight attendant sees because of the per diem deduction. Some of these variables include:
- The 2% limit
- The alternative minimum tax
- The number of layovers that the pilot or flight attendant had
- The length of each layover
- The location of each layover
Some food for thought - If this extra refund is then allocated to a either a traditional IRA or a Roth IRA, the savings over time can add up to as much as a few hundred thousand dollars when the pilot or flight attendants retires.
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