Is Military Retirement Taxable?

"...Recently, there have been letters circulating that are leading many retirees to believe that a substantial portion of their military pay is non-taxable and as a result, they should file amended returns to obtain refunds.

These letters state that veterans with a disability rating of 20% or more are entitled to exclude a portion of their income. More specifically, someone with a 70% disability rating would only owe taxes on 30% of their pension income, someone with a 90% disability rating would only owe taxes on 10% of their pension, and so forth.

This is not true...."

Read more at www.army.mil

W-2s for Military Retirees Available Soon

"...Defense Finance and Accounting Service (DFAS) has announced the release dates for 2018 tax documents.

Once again, it is time to look at your W-2 and wonder where all the money went. Oh, and you also can use it to file your taxes...."

Read more at Military.com

Here is the release schedule:

Document	Date available on myPay	Date Mailed
Retiree 1099R	Dec. 19, 2018	Jan. 11, 2019

Tip for Military Retirees to Avoid a Tax Surprise Next Year

"...Q: My husband retired from the military last year and started a new job.

I just filed our tax return and was surprised that we owed money because of his military pension.

What can we do to avoid owing a lot of money when I file our tax return next year?..."

Read more at Kiplinger.com

The Saver’s Tax Credit

"...The Saver’s Credit is a very valuable tax credit that designed to encourage lower-income taxpayers to contribute to qualified retirement savings accounts.  Because of the way that the credit is designed, many military families could be eligible for a substantial tax credit just by saving money for retirement.  The value of this credit increases if you spend time in a qualified tax-exempt combat zone, decreasing your taxable income.  Plus, because this is a  credit, it takes money directly off of your tax bill..."

Read more at Military.com

2012 Tax Statement Reminder

"...Retiree and annuitant pay customers of the Defense Finance and Accounting Service are scheduled to receive their 2012 tax statements between mid-December through January. Most of the 1099 forms will be available a week earlier via the online myPay pay account management system for retired military members and annuitants. Retirees and annuitants must keep their contact information current to avoid delays. For more information about..."

Read more at military.com

Retired Pay Tax Withholding

"...All non-disability retired pay is subject to withholding of federal income taxes. The amount withheld is dependent upon the taxpayer's amount of wages and the number of exemptions claimed..."

Read more at Military.com

April 17 Tax Deadline Approaching...

"...Filed your taxes yet? No? Whether you're simply procrastinating or deliberately putting off paying until the last possible moment, the deadline for filing your income tax forms is coming next week. Some things to know:..."

Read more at latimes.com

Increase Federal Tax Withholding on Military Retirement Pay

"...Because your military retirement pay is deposited electronically each month, it may be "out of sight--out of mind." But not having enough federal tax withheld can leave you owing money in April you hadn't planned on. Fortunately, the Defense Finance and Accounting Service (DFAS) in Cleveland makes it easy to adjust your withholding tax..."

Read more at eHow.com

2011 Taxes Could be Affected by Extra Payment

"...Military retirees 2011 tax statement (1099R) includes income from 13 payments for 2011 instead of the expected 12 payments. This isn’t a mistake. The pay schedule for military retirees changed in mid-2011 because of the 2011 National Defense Authorization Act..."

Read more at MilitaryAdvantage.Military.com