How much do I federally withhold for taxes from my retirement pay?

[cairne]

I just retired this month and I am trying to figure out how much money to withhold from my retirement pay for Federal taxes so I don't get a surprise at the end of the year. I live in a state that doesn't tax military pensions. I also have two children. My situation is as follows:

Myself:

- Retirement Net Pay: $2,858 month (E-8 High-3)

- VA Disability Pay: 90%

- Full-Time College Student using VA Education Benefits

- No job.

Wife:

- VA Disability Pay: 100% P&T

- Full-Time College Student using VA Education Benefits

- No job.

Any help will be greatly appreciated. Thanks in advance.

 

[allisoncaldwell]

@cairne Goals

 

[sloanep]

@cairne if your family taxable income is only your retirement pay then you're under 36k per year taxable. Before a standard deduction which is 21600.

Leaves you about 15k taxable (I'm sure I forgot personal exemptions etc). 10% tax bracket. $150 per month should more than cover it.

 

[kitty346]

@cairne Use the IRS’s online Withholding Estimator.