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5 hours ago, brawnie said:

https://federalnewsnetwork.com/pay/2020/09/military-is-subject-to-trumps-upcoming-payroll-tax-deferral-too/
 

Looks like some folks are getting short term loans for the next 4 months.

 

If you're in charge of any folks affected by this, you may want to take some time and explain to them that this is, in fact, a loan.  Would hate to see some young airmen caught by surprise at tax time.

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23 hours ago, pawnman said:

If you're in charge of any folks affected by this, you may want to take some time and explain to them that this is, in fact, a loan.  Would hate to see some young airmen caught by surprise at tax time.

Fortunate thing is Airmen usually aren't paying much in taxes and won't have a large trap to fall into. However, this whole order is frustrating to me because noone asked for this. People already had the option to forgo tax witholdings on their pay and all this order did was take an option away from people where there was one before. Like, who thinks these types of things are good ideas? 

The only thing I can think of is stimulus 2 is in fact not dead and with this route POTUS is hoping to throw a tax deferment forgiveness into it. 

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On ‎9‎/‎6‎/‎2020 at 6:12 AM, FLEA said:

Fortunate thing is Airmen usually aren't paying much in taxes and won't have a large trap to fall into. However, this whole order is frustrating to me because noone asked for this. People already had the option to forgo tax witholdings on their pay and all this order did was take an option away from people where there was one before. Like, who thinks these types of things are good ideas? 

The only thing I can think of is stimulus 2 is in fact not dead and with this route POTUS is hoping to throw a tax deferment forgiveness into it. 

"Trump Says Troops Won’t Have to Pay Back Deferred Payroll Taxes -- If He Wins":

"President Donald Trump pledged that service members and Defense Department civilians won't have to pay back the extra money that will be in their paychecks through the end of the year under the payroll tax deferral plan -- if he wins re-election in November."

"In a Twitter post Thursday night, Trump wrote, "When we win I, as your President, will totally forgive ALL deferred payroll taxes with money from the General Fund."

https://www.military.com/daily-news/2020/09/11/trump-says-troops-wont-have-pay-back-deferred-payroll-taxes-if-he-wins.html

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3 hours ago, waveshaper said:

"Trump Says Troops Won’t Have to Pay Back Deferred Payroll Taxes -- If He Wins":

"President Donald Trump pledged that service members and Defense Department civilians won't have to pay back the extra money that will be in their paychecks through the end of the year under the payroll tax deferral plan -- if he wins re-election in November."

"In a Twitter post Thursday night, Trump wrote, "When we win I, as your President, will totally forgive ALL deferred payroll taxes with money from the General Fund."

https://www.military.com/daily-news/2020/09/11/trump-says-troops-wont-have-pay-back-deferred-payroll-taxes-if-he-wins.html

Just so we're clear...everyone understands that it's not in his power to forgive these taxes, right?

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34 minutes ago, pawnman said:

Just so we're clear...everyone understands that it's not in his power to forgive these taxes, right?

Yes but he's putting Congress in a hole. He needs to start now to shift the blame to Congress for this catastrophe if he is still in office next year. 

 

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I really didn’t like this tax deferral. Only people it’s mandatory for are the people that have had a steady income stream the last 7 months and probably don’t need it. Even if you did need it, it’s going to be a sucker punch when you have to pay it back in 4 months. For us Os, I guess it’s not that big of deal, a couple hundred a month missing out of a pay check for a few months won’t leave must of us in a bad spot. It’s going to hurt the young Es that are already living paycheck to paycheck. I don’t foresee most of them tucking that extra money away to pay back in a few months. When those pay checks come up short come Jan, they are going to be pinched for money. 
 

Even if there is a red wave I don’t foresee any forgiveness legislation being passed in time to make a difference. How long has it been since we had a real budget and not a continuation bill, 10, 15 years? 

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19 hours ago, pawnman said:

Just so we're clear...everyone understands that it's not in his power to forgive these taxes, right?

He said he’d pay from the general fund, not forgive.  That said, I don’t think he has the discretionary authority to do that without an appropriation.  He might be able to donate that amount from his personal funds though...

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  • 6 months later...

Thread revival.

 

Alright, any you carbon based life forms ever have DFAS take too much money for your TSP?  If so, how did you get that money back?  I was not aware that TSP would just continue taking money from me even after I hit the $19,500 limit.  So they pulled $24,500 before I realized WTF was going on and turned it off.  Of course, why wouldn't DFAS just stop at $19,500 like ever other fucking company with a 401k/TSP plan?  So anyway, now someone has $5k of my money and noone seems to know who actually has it.  Some douche canoe at DFAS says TSP has the excess and I need to request a return through them.  TSP says they only received $19,500 and they have no fucking clue where the excess contributions would be.  So now I'm at a crossroads....and of course DFAS only works M-F until 1700EST.  Called at 1655, and in true finance fashion, fuckers were already gone.  

Along with fixing my fucked up flight pay, I'm sure the new finance system will unfuck situations like this...I was told it is scheduled to be rolled out Jan of 2021...

Alright back to my scotch and get the fuck off my lawn!

Edited by SocialD
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Dude. I thought my pay had an automatic setting that if you tried to send more money than allowed it automatically goes up to the limit then stops regardless of the percentages you have directed. I’ve had personal experience with it and it worked like that for me. Sounds like you need to tie one on this weekend and call them Monday. Sorry man.

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1 hour ago, SocialD said:

Thread revival.

 

Alright, any you carbon based life forms ever have DFAS take too much money for your TSP?  If so, how did you get that money back?  I was not aware that TSP would just continue taking money from me even after I hit the $19,500 limit.  So they pulled $24,500 before I realized WTF was going on and turned it off.  Of course, why wouldn't DFAS just stop at $19,500 like ever other fucking company with a 401k/TSP plan?  So anyway, now someone has $5k of my money and noone seems to know who actually has it.  Some douche canoe at DFAS says TSP has the excess and I need to request a return through them.  TSP says they only received $19,500 and they have no fucking clue where the excess contributions would be.  So now I'm at a crossroads....and of course DFAS only works M-F until 1700EST.  Called at 1655, and in true finance fashion, fuckers were already gone.  

Along with fixing my fucked up flight pay, I'm sure the new finance system will unfuck situations like this...I was told it is scheduled to be rolled out Jan of 2021...

Alright back to my scotch and get the fuck off my lawn!

Standard finance issue resolution technique:  find the first officer in the finance chain of command. They usually can’t do anything ... but they know the people that can. 

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Thread revival.
 
Alright, any you carbon based life forms ever have DFAS take too much money for your TSP?  If so, how did you get that money back?  I was not aware that TSP would just continue taking money from me even after I hit the $19,500 limit.  So they pulled $24,500 before I realized WTF was going on and turned it off.  Of course, why wouldn't DFAS just stop at $19,500 like ever other ing company with a 401k/TSP plan?  So anyway, now someone has $5k of my money and noone seems to know who actually has it.  Some douche canoe at DFAS says TSP has the excess and I need to request a return through them.  TSP says they only received $19,500 and they have no ing clue where the excess contributions would be.  So now I'm at a crossroads....and of course DFAS only works M-F until 1700EST.  Called at 1655, and in true finance fashion, ers were already gone.  
Along with fixing my ed up flight pay, I'm sure the new finance system will un situations like this...I was told it is scheduled to be rolled out Jan of 2021...
Alright back to my scotch and get the off my lawn!


Were you deployed? That ups your contribution limit for the year to around 55k (though dfas stopped my contributions above 19k when I returned home from deployment). Not sure if tax free months also let you go over the 19.5k limit.
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Here’s a quick and easy source document, in case you haven’t seen it.

Could have been matching (if you switched to BRS), deployment, or if you’re over 50 (or TSP thinks you are), that allowed you to go above $19.5k. Also could have been a mistake in there, but it usually is a pretty solid system at stopping over contributing. 

But, there’s also a Request for Refund form referenced in that link above. Big catch is that, if you’re talking about 2020, the deadline is 15 March for them to receive the form to avoid a tax SNAFU. 

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18 hours ago, jazzdude said:

Were you deployed? That ups your contribution limit for the year to around 55k (though dfas stopped my contributions above 19k when I returned home from deployment). Not sure if tax free months also let you go over the 19.5k limit.

 

I was deployed to a tax free zone, but all of the contributions happened before I was even on those orders (poor planning on my part), so that shouldn't be it.  On top of that, TSP only contributed $19,500 into my TSP, and they say that's all they ever received from DFAS.

 

15 hours ago, di1630 said:

I was having too much taken out and when it hit 19.5 it auto stopped.

 

That's good to hear, but it didn't in my case.  I guess my trend of being a finance lightning rod continues to haunt me.  

 

8 hours ago, FDNYOldGuy said:

Could have been matching (if you switched to BRS), deployment, or if you’re over 50 (or TSP thinks you are), that allowed you to go above $19.5k. Also could have been a mistake in there, but it usually is a pretty solid system at stopping over contributing. 

But, there’s also a Request for Refund form referenced in that link above. Big catch is that, if you’re talking about 2020, the deadline is 15 March for them to receive the form to avoid a tax SNAFU. 

 

To old for BRS, but nowhere near 50.  That refund form is for when you've actually contributed over $19,500 between multiple 402g type plans (TSP/401k/etc).  As in, if I had contributed to $15,000 to my Delta 401k then accidentally let $10,000 into my TSP, and I needed to cut it back to be $19,500 between the two.  In this situation I never contributed to my Delta 401k and TSP only ever received $19,500.  However, my pay cards shows $24,455 in YTD contributions and box 12 (AA....Roth 401k Contributions) of my W2 reflects that as well.  Maybe I got the B team when I call both DFAS and TSP, but noone seems to know where that money went.  

 

Thanks for all the words gents.  Going to reattack on tomorrow.   

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  • 5 months later...

Use/lose leave question. I’ll have 2 days of use/lose to burn by Sep 30th. 
 

If I take leave 29 Sep through 3 Oct, over the FY turnover, is the CPTS software able to figure out the transaction?  If I return from leave in the new FY, I can see them deleting the 2 days of use/lose and charging me an additional 5. Anyone have experience with a term of leave like that - zeroing out use/lose while taking a longer stint of leave over two FYs?  
 

I get that 1-2 Oct is a weekend and that breaks the cardinal rule of avoiding weekends - I’m an AGR and that’s drill so it actually makes sense for me. 

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