html5-img
1 / 5

Module 1.6

Module 1.6. Core PFRP For Transition. Military Tax Issues. Tax Advantages FICA (Social Security) Federal taxes State taxes Withholding Marital status Exemptions. Use VITA, www.irs.gov , state calculators. 5.7. Tax Considerations. No more auto extension

yank
Download Presentation

Module 1.6

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Module 1.6 Core PFRP For Transition

  2. Military Tax Issues • Tax Advantages • FICA (Social Security) • Federal taxes • State taxes • Withholding • Marital status • Exemptions Use VITA, www.irs.gov, state calculators 5.7

  3. Tax Considerations • No more auto extension • May need assistance for TSP tax issues • Important to factor state tax laws into salary considerations & budget • Separating veterans only have one year from separation to view/print myPay W-2 • Advantages of educational expenses

  4. Contact Installation Legal Office • Include several items: • Will • Trusts (as needed) • Power of Attorney (POA) • Medical directive or medical POA • Financial plan to care for survivors • Ensure information on designated beneficiaries is current and correct • Update every couple of years or when major life changes occur Determine distribution of assets during lifetime and at death

  5. Summary • Preparation is key • Develop a solid Individual Transition Plan • Use tools to manage your finances • Take advantage of available benefits • Use your resources before transition

More Related