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Irs Tax Military Form

Irs Tax Military Form

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Instructions and help about 2020 withholding military

hi I'm Mike from next mission financial planning today I'm talking about taxes specifically taxes after military retirements many military retirees are shocked when they file their first taxes after retirement shocked by how much they now pay and by what they owe because they didn't withhold enough this is because most military retirees find post-retirement employment often above the level they are making at the military we've also lost the housing and subsistence tax-free money and also be getting their retirement pay which is taxable when you add all this together with any spouse income your income's gone up significantly you're probably gonna maybe even in a higher tax bracket and that leads to higher taxes let's talk about the under withholding this occurs because while both DFAS and the new employer are withholding taxes they do so based on our Progressive system which fills the smallest tax brackets first and then moves up f

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