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Military retirement check going down as of March 1st

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Gin Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Feb-26-11 02:56 PM
Original message
Military retirement check going down as of March 1st
Edited on Sat Feb-26-11 02:57 PM by Gin
wondered why...no explanation...found this response on the web..at the Military Advantage blog site..

Lately I have heard some rumblings about a new law will increase taxes on military retirement pay starting in March. Well the stories are half true. It is true that the government will be withholding more and that it is going to affect your March check. However, it is not the result of a new law and your federal income tax rate is NOT increasing.

The truth is that the increased withholding is the result of the expiration of the Making Work Pay credit, which was part of the 2009 Stimulus Package.

So let me make this perfectly clear. There is NO new tax on military retirement. The increase is the result of the new IRS tax withholding tables which changed for 2011, meaning about 75 percent of the population is subject to an increase in the amount of federal tax being withheld from their monthly pay not just retirees. Again - the tax rates did not change; only the withholding tax table changed.

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Sinistrous Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Feb-26-11 03:33 PM
Response to Original message
1. The non-military Federal retirees got hit with this on February 1.
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Monique1 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Feb-26-11 04:08 PM
Response to Reply #1
2. Last week my pension check was less
actually $30.00 less due to the IRS changing their tax table. That is a big chunk for me.
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Monique1 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Feb-26-11 04:27 PM
Response to Reply #2
3. Not last week - correction
last month
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elleng Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Mar-01-11 07:38 PM
Response to Reply #2
7. 300 for me, TODAY!
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ProgressiveProfessor Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Feb-26-11 04:28 PM
Response to Original message
4. Easy enough to adjust your witholding to compensate
I did for both retirement and day job
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elleng Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Mar-01-11 07:27 PM
Response to Original message
5. My Fed annuity net was just adjusted down, $300 less this month.
Thanks for the explanation; was going to call OPM!
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elleng Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Mar-01-11 07:36 PM
Response to Original message
6. Info from OPM, useful explanation
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