Search results

@emanxl Hopefully the moderators leave this up but flag it as "WHAT NOT TO DO"... This is tax fraud that would be easily spotted and heavily penalized.

@matthew45taylor The MilTax verification process seems to have changed, requiring you to reverify through MilTax website first. If you log into H&R Block without doing that, it’ll try to charge you. I was able to reverify and am using my previous H&R login and past year tax info for free now.

@rightlydividedscriptures It should and can be free. Don’t log directly into H&R Block with your old credentials - you need to go through the MilTax website to verify your account first. Once you’re verified, you’ll be able to use your H&R Block login and tax information from previous years with...

@riverq1 I find it easiest to consider military pay as "once per month" when using the IRS estimator. Just use the FED TAXES - WAGE PERIOD - WAGE YTD blocks part way down your LES for your once-monthly taxable wages & taxable YTD wage. Ignore the fact that you get mid-month pay - everything...

@mercyngrace Correct, no federal benefit, just state income tax exemption for 529 contributions.

@mercyngrace Definitely sounds like a bank savings account is the best option. As others mentioned, Navy Federal is a good place for this: https://www.navyfederal.org/resources/family-finances/youth-finance.html The guys at MilitaryMoneyManual did a podcast in the last couple years on...

@mercyngrace The answer depends on your intent for money you'd contribute to such an account. Is it a long term investment for their retirement? If so, 529 plans recently were updated to allow a rollover into an IRA (up to $35k lifetime limit), so you could start a 529 now even if you're not...

@laeomis Consider your emergency fund well invested in that HYSA - no need to contribute to it further, focus on investing like you said. $15k is more than I recommend to other junior enlisted folks just starting out, but I wouldn't be in a hurry to "put part of it to work" especially while...