The Super Tax Genius: Retiring from the Military? Tax Warnings!

Retiring from the military is an occasion to celebrate, but is also a time of uncertainty. You have to decide where will you live and most importantly, what your next job will be. With retirement looming, you are probably expecting to find a leisure job in the city of your choice. However, the first tax return you file can be surprising and unexpected. Before you file, there are a few things to consider. First, remember that now, all of your income is tax (as compared to the military). You may need to adjust your allowances, your tax bracket may change due to your relocation package, income credits may be limited, you will now pay state taxes, and you may owe on your TSP plan distributions. Be sure to consult a professional when tax time rolls around. Read the full article here: