Thursday, October 5, 2023
09:00 am - 09:30 pm
Basic Allowance for Housing Initiative
Location: Marine and Family Programs – Headquarters
The program assists Marines and their families in achieving and sustaining personal financial readiness by providing personal financial education, training, counseling, and financial information and referral. A solid understanding of personal finances will build confidence in facing financial challenges, responsibilities and mission readiness.
Repayment of 2020 Social Security Taxes
Support information regarding 2020 Social Security taxes not paid from Sep–Dec 2020. Taxes will be collected in 24 installments (January 1 – December 30, 2021) from mid-month and end-of-month pay. People will have automatic payroll deductions for repayment of 2020 Social Security Taxes
Filing Your Taxes on Base
Additional information: https://www.pendleton.marines.mil/Services/Income-Tax-Assistance/
Filing Your Taxes via Military 1 Source
Service members and eligible patrons needing tax preparation and e-filing software available by Military 1 Source. Military 1 Source offers support from Jan 19 through mid-Oct online.
Employees/Service Members who made less than $4,000 in a two-week period before taxes or $104,000 annually, whose 2020 Social Security Taxes were deferred.
At the end of December, the 2020 Social Security tax deferral ended. Beginning January 2021, the normal 6.2% Social Security tax withholdings will again be deducted and you will also see an additional deduction for the deferred 2020 Social Security tax collection taken from your pay.
Per IRS guidance (as modified by the Consolidated Appropriations Act, 2021), the Social Security taxes deferred in 2020 will be collected from pay between January 1 and December 31, 2021.
Automatic collection will begin January 2021 through December 2021.
There is no action on your part, the collection will be automatic and you will be able to see the amount on your Leave and Earning Statements.
Pursuant to IRS Notice 2020-65 and at the direction of the Office of Management and Budget and Office of Personnel Management, Social Security (Old Age, Survivors, and Disability Insurance) or “OASDI” tax withholdings were temporarily deferred from September through December 2020 and will be collected from wages paid between January 1, 2021 and December 31, 2021, for employees who had wages subject to OASDI of less than $4,000 in any given pay period. These actions were in response to the Presidential Memorandum issued on August 8, 2020.
Thrift Savings Plan (TSP) What is it? TSP is a retirement savings and investment plan for Federal employees and members of the Uniformed Services.
Types of TSP Plans
Learn More about the TSP Useful educational websites include: