I receive miltary retired (30 yrs) pay & Social Security. I received a tax reduction from DFAS
starting 1 may and am looking for a place to
calculate my tax deductions combining both the
SS & DFAS.

I used the IRS calculator and that does not take
into consideration military retired & SS income.

Does anyone know of a place where I can get some info on this.

Thanks

An issue is you will receive the $250 from Social Security plus the DFAS reduction. That will probably mean you will owe something come next April. How much depends. It is too early to find good tools, as the tax laws may be in flux. I would increase your withholding from DFAS equal to 10-15% of Social Security to prevent having a tax bill equal to that amount on April 15th.

quote:

Originally posted by Dave_M:
An issue is you will receive the $250 from Social Security plus the DFAS reduction. That will probably mean you will owe something come next April. How much depends. It is too early to find good tools, as the tax laws may be in flux. I would increase your withholding from DFAS equal to 10-15% of Social Security to prevent having a tax bill equal to that amount on April 15th.

Social security only allows federal witholdings at 10, 15, and 25 percent rate your military should allow an additional amount I increased my witholdings for an additional 20 dollars per month although half the year is here you may want to increase that equivalant to the 250 that social security will be mailing you. I am in the same situation as you recieve ss, military, another retirement and still work part time which makes all my social security taxable

Hello, it is very easy to take your 2008 tax forms, make a copy of them, then mark up the copy with the amounts you are receiving in 2009. You can also enter the amounts on the SS worksheet.

You only pay tax on a max of 85% of your SS. I started getting an extra $66.70 in tax saving in May. I am not changing anything since I have some losses on rental property and my wife has some losses on her business.

I am answering question on Turbo Tax, over 6,000 of them in two years now. If you want to send me your numbers I will be happy to run the numbers for you. You can send them to one of my personal emails at CTX51400@Centurytel.Net .

May God richly bless and keep you.

In His Service,

Grover

If you don't make over $25,000 a year your ss isn't counted as taxable income. If you are over $25,000 only 50% of your ss is taxable. Use the ss work sheet.

quote:

Hello, it is very easy to take your 2008 tax forms, make a copy of them, then mark up the copy with the amounts you are receiving in 2009. You can also enter the amounts on the SS worksheet.

You only pay tax on a max of 85% of your SS. I started getting an extra $66.70 in tax saving in May. I am not changing anything since I have some losses on rental property and my wife has some losses on her business.

ALL
Above post, plus using the IRS Publication 17, will guide you thru the 2009 tax fiascos.
We, retired military, can also go to the local Legal Offices, IE the JAG offices for USN, at you nearest USN/Mil. base. They have a VISTA tax program, using latest software, for filing IRS taxes.
Be aware, this source usually limits there processes to non casualty or forms other than the basic 1040s.
We can expext the 2010 tax year to be a real nightmare, seeing all the proposed IRS changes.
Reccommend you get online, follow the various IRS changes and stay current. Taxes for us folks are going to be high, and higher....
end
Semper Fi