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Video instructions and help with filling out and completing Military annuitant definition
Welcome my name is Eric Rhine I retired for the Marines of 2022 and along the way I had experiences that nobody know tap class no transition speaker had really prepared me for I built this lecture specifically to address one of those experiences and it deals with the federal tax system and what might happen to you as a transitioning retiring military member during the first years after your retirement this presentation is about the federal tax considerations for you as a military retiree specifically in your first couple years why you might have a large tax liability when you go to file your taxes in the spring in the first one to two years after you retire so the issue after your retirement you may be shocked you may go file your taxes and have a very large deficit that you have to pay in the spring so let's look at the contributing factors to that and maybe some solutions the loss of the benefit that comes with your allowances your housing allowance specifically the fact that you'll probably make more money that will that will obviously grow your tax liability but that's not really the cause we're talking about here what effect does your withholding play in that tax liability and really the root cause issue the progressive tax rates that will cause a large tax liability for you as a retiree when you go to file and then we'll look at some of the solutions so the first thing I pointed to was the tax advantage you get that comes with your military allowances specifically basic allowance for housing is a big one as well as basic allowance for subsistence if you ever look at your statement of military compensation you'll see that listed as a tax benefit and that military compensation statement is designed to tell you what you would have to make if you left the military on that date and I remember seeing it it was several thousand dollars and I wondered if that was in fact real and it is real for the u.s. code those allowances are not taxed so if you look at an o-5 in San Antonio making 130,000 in these are 2022 pay charts comprised a basic pay bah at 2200 per month and bas of 205 six per month their tax bill is roughly ninety eight hundred dollars however if they left the military on that date and made a hundred and thirty thousand on their w-2 their tax would actually go up to almost seventeen thousand dollars so the fact that the statement of military compensation sites that they're saving seven thousand dollars is pretty accurate so your tax bill is going to go up and that's gonna contribute some to this problem the next piece is are you going to make more and probably so you're going to retire you're going to start drawing that 1099-r which is your retirement pay as well as.