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Military Transition Tax Considerations and Financial Planning Guide

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Learn about tax advantages, FICA, federal and state taxes, marital status, VITA assistance, TSP tax issues, and asset distribution for military members transitioning to civilian life. Prepare with a solid transition plan, manage finances, and update legal documents regularly.

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Military Transition Tax Considerations and Financial Planning Guide

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  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

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