Tuesday, September 6, 2011

Military Retiree Pay Dates to Change

Paydays for military retirees and those who receive portions of retired pay are changing for September and December, as the Defense Finance and Accounting Service (DFAS) changes its pay schedule to comply with the 2011 National Defense Authorization Act. This year payments normally scheduled for Oct. 3, 2011 will be issued on Sept. 30, 2011 and payments normally scheduled for Jan. 3, 2012, will be issued on Dec. 30, 2011. For the calendar year 2011, this means military retirees will receive 13 rather than the normal 12 payments. Customers should speak with a tax advisor, the Internal Revenue Service or their state tax authority to determine if their tax withholding will satisfy federal and state income taxes when they file returns next year. For more details, see the Military Advantage blog.

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