The CARES Act attempts to help Americans with financial effects of the COVID-19 outbreak. Military members and retirees have some protection with a relatively secure source of income. There are still things you should know about for yourself or family members.
The "new" tax law has changed a few things that you should check when filing your taxes. There are some special areas that military members or retirees should double-check.
One of the unintended consequences of the TCJA was potentially punitive taxes on children of deceased military members or retirees receiving SBP payments. The SECURE Act changed that. And in this case, Congress did a good job.
Just because you can do something, it doesn't mean you should. This could be the case with an indirect rollover from TSP. If you're thinking about going down that path, make sure your really understand the rules.
Didn't you just love that you didn't have to pay state income taxes while on Active Duty? That changes the day you retire. But which state do you pay taxes to? It isn't as simple as you might think.
The ability to transfer the GI Bill to a spouse or child radically changed the face of college funding for many military members and veterans. But if scholarships enter the picture, you'll want to make sure you understand the tax consequences.
Disclaimer
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