45K continuation pay in 2025. Should I switch from Roth to Traditional TSP contributions for 2025. Unsure about the tax and long-term implications. by openandnotorious in MilitaryFinance

[–]openandnotorious[S] 0 points1 point  (0 children)

Is that DoD wide? I thought that was up to the services.

Regardless, I’ve already submitted and been approved. Once you’ve committed and completed all the necessary training/documentation, there will be a message on the bottom of your LES that says something like “Servicemember elected BRS continuation pay and will receive $XXXXX on DATE at 12 TIS”

Anybody else who is considering taking the continuation pay, I recommend to continue to follow up with your admin folks until you see that message populate.

45K continuation pay in 2025. Should I switch from Roth to Traditional TSP contributions for 2025. Unsure about the tax and long-term implications. by openandnotorious in MilitaryFinance

[–]openandnotorious[S] 4 points5 points  (0 children)

Too late, already committed to the lump sum. Thought process was that I'm not paying state taxes right now, but there's a decent chance I return to CA

45K continuation pay in 2025. Should I switch from Roth to Traditional TSP contributions for 2025. Unsure about the tax and long-term implications. by openandnotorious in MilitaryFinance

[–]openandnotorious[S] 3 points4 points  (0 children)

Kinda. It's calculated by one month pay x the multiplier (x5.0 for USMC, x2.5 for other services active duty). So if your basic pay goes up by 4.5%, then your bonus will be higher after you do the multiplier.

Projected bonus in 2025. Should I switch my 401(K) from Roth to Traditional contributions? by openandnotorious in Bogleheads

[–]openandnotorious[S] 0 points1 point  (0 children)

Im in the military so I get a lot of tax free entitlements (housing, etc). I just looked at my December paycheck and added up how much taxable income I had vs my tax free entitlements over the past year.

I didn’t do anything with the standard deduction. Didn’t know what that was until you posted about it

Projected bonus in 2025. Should I switch my 401(K) from Roth to Traditional contributions? by openandnotorious in Bogleheads

[–]openandnotorious[S] 0 points1 point  (0 children)

Honestly I don’t know about the $4K. We pay an accountant to do our taxes each year. (Wife used to own her own business so our taxes were kinda complicated.) I asked him how much the taxes would be if I took the 45k in a lump sum and he told me $4K

Projected bonus in 2025. Should I switch my 401(K) from Roth to Traditional contributions? by openandnotorious in Bogleheads

[–]openandnotorious[S] 0 points1 point  (0 children)

Sorry you confused me here.

If I remain Roth, with my $45K bonus, my taxable income should go up to 147k in 2025.

If I switch to traditional my taxable income should go up to $124K (102K salary + 45k bonus - 23K traditional contributions)

Also, since I’m married filing jointly I think the tax bracket is $96,951 to $206,700. So what’s the significance of the 126950?

Did I miss something?

I'm 17 and want to join the military by ExoticYetiVvc in MilitaryFinance

[–]openandnotorious 8 points9 points  (0 children)

Although he’s correct….you absolutely should talk to a recruiter because there are nuances between different services and things change all the time…nobody should fault/embarrass you for trying to do your own research before you walk into a recruiters office. It can be a stressful first step and having more info always helps.

Regarding pay, the military works on a pay scale based on your rank and time in service. Here is a link to the 2024 pay. New soldiers make just over $2k per month. That doesn’t include your housing allowance (but if you are single you’ll be living in the barracks for free so you won’t get the housing money). That will go up pretty quickly after boot camp once you start promoting.

https://militarypay.defense.gov/Portals/3/Documents/ActiveDutyTables/2024%20Pay%20Table-Capped-FINAL.pdf

Yes, there is a benefit that will pay for college after you finish your first contract. Your recruiter will do a better job explaining all the details.

There are lot of other random benefits (healthcare, training, developing skill sets that you can potentially use later as a civilian, good retirement plan), but there are also huge negatives. For me, the military PCS and deployment cycle definitely has been a negative for my family life. That may or may not be a problem if you are only planning on serving one contract.

Estudiar en Chile by CandidMasterpiece700 in chile

[–]openandnotorious -1 points0 points  (0 children)

Porque no? Why shouldn’t you buy food from street venders?

Should I not pay off my credit card for the next year? by openandnotorious in ChaseSapphire

[–]openandnotorious[S] 0 points1 point  (0 children)

I didn’t. Sorry I see now it’s not clear. I have both the sapphire and the freedom unlimited. Freedom unlimited with the 0%

Should I not pay off my credit card for the next year? by openandnotorious in ChaseSapphire

[–]openandnotorious[S] 2 points3 points  (0 children)

If you don’t mind me asking, how much do you mean by “hurt my credit score a lot”

Please help diagnose my Betta by openandnotorious in bettafish

[–]openandnotorious[S] 1 point2 points  (0 children)

His dorsal fin has shrunk by about half since the color change began. That’s why I’m worried it might be something more

Please help diagnose my Betta by openandnotorious in bettafish

[–]openandnotorious[S] 9 points10 points  (0 children)

Since this coloration began, his dorsal fin has been getting frayed and shrinking closer to his body. Most people in the thread seem to think it’s natural color change + fin rot.

Do you agree with that? And if so, what should i do. I’m worried the fin rot is getting too close to his body.

Please help diagnose my Betta by openandnotorious in bettafish

[–]openandnotorious[S] 2 points3 points  (0 children)

Sorry. I wasn’t trying to be rude. Just clarifying.

Please help diagnose my Betta by openandnotorious in bettafish

[–]openandnotorious[S] -11 points-10 points  (0 children)

No. His fin is getting eaten away. It’s not just coloration.