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Wednesday, February 20, 2013

108 Solution's Guide to myPay - Menu Breakdown

Your myPay Menu Breakdown

Leave and Earnings Statement


Please referred to 108 Solution’s article on how to read a Military Leave and Earnings Statement (LES)

Savings Deposit Program (SDP)

This is provided to help members of the uniformed services serving in designated combat zones the opportunity to build their financial savings. They can start a SDP account once they have been deployed for a minimum of 30 consecutive days or at least one day in each of three consecutive months, and must be receiving Hostile Fire Pay. Any military finance office can help you establish an account and assist you in setting up the deposit method most convenient for you.

A total of $10,000 may be deposited during each deployment and will earn 10% interest annually. You cannot close your account until you have left the combat zone, although your money will continue to draw interest for 90 days once you’ve returned home or to your permanent duty station. Payments may be made in cash, by check or through allotments. Allotments may be increased once started or decreased as your finances change. Your allotment will stop once you depart from the combat zone.

SDP Statement/ Withdrawal Request
Withdrawals may only be made upon termination of eligibility of program. Members must submit a withdrawal request online using myPay. Members may close their SDP accounts only after departing the combat zone. Interest will continue to accrue on the account up to 90 days after departure from the combat zone. Should the 90 day period end on any day other than the last day of the month, interest will accrue through the last day of the preceding month. If the 90 day period ends on the last day of the month, interest accrues for that month. Members in a combat zone may withdraw accrued interest over the $10,000 principal quarterly. Withdrawals of funds on deposit may be made in an emergency only when the health or welfare of a member or dependents would be jeopardized if the withdrawal were not granted. Emergency withdrawals must be authorized by the members' commanding officer.

Pay Changes

Allotments
Your military allotment is when the military automatically takes money out of your military paycheck and sends it to another institution. This is also known as a payroll deduction. This allows you to pay bills, insurance premiums, mortgages, etc. directly out of your pay. Allotments take time to show up in myPay. You will not see a request until you receive your next account statement. Once you have entered an allotment into myPay, give it time to post. Entering the allotment more than once could cause the system to set up two allotments instead of one, causing pay inconsistencies.
 

Turn on/off Hard Copy of LES
This section allows you to customize how you would like to receive your Leave and Earnings Statement (LES). This gives you the option of:
  • Stopping manual delivery of a hard copy LES OR
  • Starting manual delivery of hard copy LES when electronic delivery is not convenient

Direct Deposit

Net Pay EFT
The most efficient, timely and secure way to receive your pay is through Net Pay EFT. It eliminates the possibility of a lost or stolen check, reduce the opportunity for identity theft, and receive your payment in a more timely and efficient manner. There are two ways to update your direct deposit information. You will need your bank routing number, account number, and type of account (checking or savings) readily available.

Travel/ Miscellaneous Electronic Funds Transfer (EFT)
Electronic Fund Transfer (EFT) is a system of transferring money from one bank account directly to another. One of the most widely-used EFT programs is Direct Deposit, in which payroll is deposited straight into an employee's bank account, although EFT refers to any transfer of funds initiated through an electronic terminal, including credit card, ATM, Fedwire and point-of-sale (POS) transactions. It is used for both credit transfers, such as payroll payments, and for debit transfers, such as mortgage payments.

Taxes

A portion of your pay is withheld from each paycheck for federal and state income tax purposes based on your situation. Are you married? Do you have dependents? If so, how many? This information is reported to DFAS when you fill out an IRS W4 form and turn it into your finance office or when you use myPay to update your information online.
  • Federal Withholding
  • State Withholding
  • Tax Statement (W-2)
  • Student Loan Repayment Program (SLRP) W-2
  • Travel/ Miscellaneous Tax Statement (W-2)
  • Turn on/off Hard Copy of W-2
  • SDP Tax Statement 1099-INT

**You cannot use myPay to:
  • File Advanced Earn Income Credit
  • File Exempt from Federal Tax Withholdings
  • Claim more than 10 Exemptions

Federal Withholdings
Note: You cannot use myPay to:
  • File Advanced Earn Income Credit
  • File Exempt from Federal Tax Withholdings
  • Claim more than 10 Exemptions

Marital Status
  • Single (widowed, divorced, or never married)
  • Married
  • Married but withholdings at the higher single rate
If married but legally separated or spouse is a non-resident alien, select single status.

Exemptions (refer to the number of allowances you wish to claim on the Federal W-4 form) This includes the following:
  • Yourself
  • Your spouse (unless living separately)
  • Your children or other legal dependents

State Withholdings
Specific Amount: the total amount you want withheld from each paycheck

*Note: You may change or stop withholdings for your current state only; you may NOT use myPay to change your state, file the initial state withholdings form, or file exempt from state withholding. You may also:
  • Change your Filing Status & Exemptions or select a Specific Amount to withhold, change a previously elected Specific Amount, or Stop the elected Specific Amount
  • Elect a Specific Amount which will disregard status and exemptions claimed. For example, if you are claiming S-1, but elect $50.00 specific, only $50.00 will be deducted
  • Stop the elected Specific Amount which will start deductions based on exemptions and status. For example, if you have elected $50.00 per month specific and you are claiming S-1, this will STOP the $50.00 and Start the S-1.

Tax Statement (W-2)
At the end of the year, DFAS provides you with the appropriate tax statements based on the type of income you have received. Most of the time, this is the W2 reporting your military compensation and pay. Special W2’s or other tax statements are also produced for certain income such as Savings Deposit Program interest or DITY move travel reimbursement.


Student Loan Repayment Program (SLRP) W-2
The Student Loan Repayment Program (SLRP) is a recruitment and retention tool used by the Department to attract and retain Civil Service and Foreign Service employees applying for or encumbering specific positions. The program assists employees with payments on student loan debt taken out by them to support courses of study already completed. Payments are made directly to an employee’s lender or loan servicing organizations. If you are considered under this program,

Travel/ Miscellaneous Tax Statement (W-2)
This is a type of tax form. It is used to report travel and miscellaneous income, such as income earned as a non-employee, as well as fees, commissions, rents, or royalties paid during the last tax year. Payments for prizes, awards, legal services, and other non-employee activities may be reported on this form as well.




Turn on/off Hard Copy of W-2
This section allows you to customize how you would like to receive your tax statements. This gives you the option of:
  • Stopping manual delivery of a hard copy W-2 OR
  • Starting manual delivery of hard copy W-2 when electronic delivery is not convenient

SDP Tax Statement 1099-INT
This form provided by payers of interest income, such as banks and savings institutions, that summarizes your interest income for the tax year. Interest reported on Form 1099-INT includes interest paid on savings accounts, interest-bearing checking accounts, and US Savings bonds. This form is also used to report other tax items related to your interest income, such as early withdrawal penalties and federal tax withheld. All information provided on Form 1099-INT is reported to the Internal Revenue Service.

Thrift Savings Plan (TSP)
A defined contribution plan for United States civil service employees and retirees as well as for members of the uniformed services.

Travel Voucher Advice of Payment (AOP)
The Travel AOP option provides myPay users with the capability to view and print their processed TDY Travel Vouchers online.

Email Address
In this section you will find the opportunity to change/update your email address listed on your accounts.

Security Questions for Password Resets
This section is where you can change your Security Questions for protecting your account from fraud and other people getting your information.

Personal Settings Page
When you open this section, it gives you a list of information that you can customize. Listed below are the functions that you can change in this menu:
  • Change password - for use on myPay web only
  • Change PIN - for use on systems other than myPay Web
  • Change Login ID
  • Limited Access Account - Create/ Change/ Delete
  • Turn On/Off Alert Setting(s)

Tuesday, February 19, 2013

108 Solution's Guide to myPay

Have you ever asked yourself, how do I use myPay? If you have, and this complicated government system has confused you before, let 108 Solutions guide you through the process of navigating myPay. Often times, using myPay can be difficult. For this reason, in this article, we will teach you all you need to know about understanding your myPay. Today, 108 Solutions will present 1) the simplicity of accessing your account (myPay login instructions) on your home computer and the new myPay mobile version and tomorrow 2) a general myPay menu breakdown.

But first, an outline of what you can do with myPay:
  • View, print or save your Retiree Account Statement
  • View, print or save your Combat-Related Special Compensation Statement
  • Start, stop or change electronic allotments to financial institutions
  • Change your mailing or email address
  • Make changes to your direct deposit information
  • View, print or save your IRS Form 1099R
  • Turn on your Retiree Newsletter notification
  • Subscribe to the Retiree Newsletter

Without further delay, here's how to access your myPay.

Your myPay Account

The most convenient way for Military and Government employees to manage their financial accounts is through a system called myPay. myPay provides faster service, security, accessibility and reliability to all Defense Finance and Accounting Service (DFAS) customers worldwide.

a. Accessing Your myPay

If you do not currently have a myPay login and password, simply go to myPay DFAS and under login click on ‘Create an Account’. If you forgot your Login ID, click on ‘Forgot your Login ID?’ on myPay DFAS. If you forgot or need a new password for your myPay account, click on ‘Forgot or Need a Password?’ on myPay DFAS.

b. Accessing Your Mobile myPay

Members who use myPay can now check their statements on the go using a smartphone or any device that has a web browser. To begin using myPay mobile version, members must go to https://mypay.dfas.mil on their mobile device. From there, customers can log in to myPay using the same login identification and password they use on their computer. Keep in mind that myPay does not operate or control any wireless network and cannot guarantee the security used to access the mobile site.


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Monday, February 11, 2013

Military Laptop Computer and Travel Credit

Whether you're looking to finance a multimedia laptop or for a gaming computer on credit, 108 Solutions has the military financing you need for the products you deserve. We offer active-duty, civil service and federal employees computer monthly payments for brand new/brand name merchandise. When we are faced with military customers who have no credit or bad credit, we get them computer financing regardless. 108 Solution's program is geared to give you the convenience of low monthly payments while enjoying top of the line electronics. 

Additionally, in the last year, 108 Solutions has developed a Military Travel Division (MTD) to provide our customers the military flights and vacation packages they need. We know it can be difficult to pay for your entire airfare with cash. For this reason, our military payment plans give you the convenience of low monthly payments for military plane tickets or vacations. Travel your way with 108 Solutions: The #1 Choice for Military Credit and Financing.

Friday, February 8, 2013

Retention Control Points

Retention Control Points (RCPs) for the Army lower the time Soldiers and junior noncommissioned officers (NCOs) can remain at their current rank by an average of three years. The new RCPs affect active-duty Soldiers and those in the Active Guard Reserve, or AGR force. They apply neither to Army Reserve/National Guard Soldiers nor members who have been mobilized.

The main goal for the current Retention Control Points for the Army were established in 2012, to motivate Soldiers to step up their professional development. The Military wants all of its members to be promoted with their peers. The idea is that this will lead our service members into more promising careers after the completion of their term. For those of you who do not pay attention to your RCPs, it could result in a major change in your career path and separate you from your active-duty service in an untimely manner.

Retention Control Point Change Breakdown by Rank

E1 Private (PVT) - E3 Private First Class (PFC)
Total Active Service in Years (Old): 8 Years
Total Active Service in Years (New): 5 Years

E4 Corporal (CPL)/ Specialist (SPC)
Total Active Service in Years (Old): 10 Years
Total Active Service in Years (New): 8 Years

E4 Corporal (CPL)/ Specialist (SPC) Promotable
Total Active Service in Years (Old): 15 Years
Total Active Service in Years (New): 12 Years

E5 Sergeant (SGT)
Total Active Service in Years (Old): 15 Years
Total Active Service in Years (New): 13 Years

E5 Sergeant (SGT) Promotable
Total Active Service in Years (Old): 20 Years
Total Active Service in Years (New): 15 Years

E6 Staff Sergeant (SSG)
Total Active Service in Years (Old): 23 Years
Total Active Service in Years (New): 20 Years

E6 Staff Sergeant (SSG) Promotable
Total Active Service in Years (No Change): 26 Years

E7 Sergeant First Class (SFC)
Total Active Service in Years (No Change): 26 Years

E7 Sergeant First Class (SFC) Promotable
Total Active Service in Years (No Change): 29 Years

E8 First Sergeant (1SG) / Master Sergeant (MSG)
Total Active Service in Years (No Change): 29 Years

E8 First Sergeant (1SG) / Master Sergeant (MSG) Promotable
Total Active Service in Years (No Change): 32 Years

E9 Command Sergeant Major (CSM) / Sergeant Major (SGM)
Total Active Service in Years (No Change): 32 Years

Additional Information Regarding Retention Control Points (RCPs)

- A Soldier may not exceed the RCPs shown above by more than a month before expiration of his/her contracted service (reenlistment or extension).

- If a soldier is serving on an indefinite reenlistment (usually reserved for E5 and higher) and they exceed their RCPs as the result of a reduction in grade, they may perform active service until their RCPs for the lower grade, or minimum retirement eligibility, whichever occurs later.

- Soldiers who reach their RCP will be allowed to serve until their contracted Expiration Term of Service (ETS).

- Soldiers with an indefinite enlistment will be allowed to reach their minimum retirement date.

- Those soldiers with 18 years of service will be allowed to stay on active-duty through 20 years. If they are not under the indefinite reenlistment, and they have 20 or more years of active federal service, and they will exceed the new RCPs for their current rank, they may serve until their current ETS date. Soldiers in this category who are eligible may apply for retirement.

- Soldiers with less than 18 years AFS serving indefinite reenlistments who exceed RCPs as the result of a reduction in rank may serve to minimum retirement eligibility unless they are separated earlier under applicable administrative, physical disability, or UCMJ separation provisions.


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Sources:

1. Retention Control Point (RCP)
http://www.armyreenlistment.com/rcp.htm

2. Army adjusting retention control points
http://www.army.mil/article/54660/Army_adjusting_retention_control_points/

3. New Army Retention Control Points: What they are, how they can affect your career?
http://www.forthoodsentinel.com/story.php?id=6289http://community.armystudyguide.com/groupee/forums/a/tpc/f/

4. 2012 Army Retention Control Points (RCP) for Enlisted Soldiers
http://www.ncosupport.com/military-news/retention-control-point-RCP.html

Thursday, February 7, 2013

Military Tax Returns

In our previous entry, we informed you on helpful information regarding the tax filing process and how to be prepared to make it as quick and easy as possible. For today’s entry, 108 Solutions will help you track your tax returns and inform you on when to expect your money!

Receiving your Return

Firstly, you must file an income tax return to get your refund on the extra taxes withheld from your military pay. What most may not know is that you can go as much as three (3) years back to get a refund. This means that you can still file a 2009, 2010, and 2011 tax return. Previous year tax returns must be mailed into the IRS, and can be filed at any time throughout the year.  

How can I check my return?
The IRS has developed a program for the New Year called “Where’s My Refund?” This program is quick, easy and secure to use. You can check when you will be receiving your refund within 24 hours after the IRS has received your e-filed tax return; or 4 weeks after you have mailed in all of your paperwork for your return. What you will need is your social security number, your filing status, and your exact refund amount.

When will I get my return?
Refunds/returns are sent 21 days from the time the return has been accepted. Conveniently, you have the option to receive your return through a direct deposit directly into the checking/savings account of your choosing. Or, you can have a check mailed to your address which usually will take a little longer than the direct deposit route.

The team here at 108 Solutions Military Loans and Financing hopes that this article will be very beneficial for you and that you get an exceptional refund!  

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Wednesday, February 6, 2013

Tax Prep for Enlisted Military - 2013 Edition


Military tax preparation can be an exhausting time of year for everyone. As the tax deadline quickly approaches, it can be difficult to find enough time to file your taxes with the rigors of your busy schedule. Don't worry, 108 Solutions is here to help. The purpose of this article is to help you file your taxes in a stress-free way. We have developed our four (4) step process to file your taxes from a number of informative sites that have created free tax prep for military personnel. Without further ado, let’s get down to business.

Four (4) Simple Steps to Quick and Easy Filing:

1. File sooner than later
The first thing you want to consider is filing your taxes as soon as possible. There are two benefits for filing early: 1) getting it out of the way and 2) receiving your refund quicker. This also helps to eliminate the chance of missing the deadline and owing the IRS for filing late.

2. Have Paperwork Available
If you choose to find a Tax Accountant, have paperwork ready to make the process more efficient. Listed below is the most common paperwork you will need to file your taxes:
  • Identification (Drivers License, Passport, etc.)
  • SSC (Social Security Card)
  • Tax Identification Numbers: (not all of the following will be needed)
    • SSN (Social Security Number)
    • Employer Identification Number (EIN)
    • Individual Taxpayer Identification Number (ITIN)
    • Taxpayer Identification Number for Pending U.S. Adoptions (ATIN)
    • Preparer Taxpayer Identification Number (PTIN)
  • Last years tax return
  • All relevant tax paperwork affecting your filing:
    • w2’s, 1099s, interest statements, moving expenses, etc.

3. TurboTax Military Edition
TurboTax offers free online tax prep for military personnel. TurboTax has released a new product to support our U.S Armed Forces. TurboTax Military Edition is personalized for the needs of military filers and was created by active, reserve, and retired military personnel as well as military spouses to address the challenges that come with being a military tax filer. E1s through E5s get free federal and state taxes for a limited time through February 14, 2013. Use TurboTax to simplify this tax filing period!

4. Know YOUR Military Deadline
Most military personnel and their families must file their taxes by the traditional April 15 deadline. However, qualifying members of the military can get an automatic extension for filing tax returns, paying taxes, filing claims for refund, and taking other actions with the IRS. Qualifying military members include: personnel working in combat zone services as well as overseas deployment.

Sources:

TurboTax Launches TurboTax Military Edition: We Speak Military
http://blog.turbotax.intuit.com/2012/12/13/turbotax-launches-turbotax-military-edition-we-speak-military/

The Advantages of Filing Taxes Early
http://blog.turbotax.intuit.com/2012/01/12/the-advantages-of-filing-taxes-early/

Tax Extensions for Military Personnel
http://www.filelater.com/military-tax-extension.html



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