Your Next “To-Do” List Should Include Taxes

     
As you check off your next “to-do” list of chores and tasks, be sure to include preparation for filing your taxes. Yes, even though it is months before they are due, now is an important time to double check everything is correct with your personal information and documentation.

Start with myPay
    
The online tool DFAS offers to help you have a smooth tax season is myPay (https://mypay.dfas.mil). The most important step is to log in to your myPay account and update your mailing address – tax season is much easier when your address on file with DFAS is the same as your address on file with the IRS.
    
myPay offers printing or downloading of your tax statements for your annuity pay. You can print/download your current year tax statement, as well as prior year 1099-Rs (up to two prior years for annuitants). In addition, you’ll have earlier access to your 1099-R tax statement in myPay. Statements are generally available in myPay in late December, while paper copies aren’t mailed until mid-to-late January.
    
If you haven’t logged in to myPay in a while, this is a good time to log in and update your password, before the busy tax season.
    
See our myPay article in this issue for information about requesting/changing a password and a reminder on how to reactivate your myPay account or how to set up your login for the first time.


Changing Your Federal Withholding
    
It’s easy to change the amount withheld for federal taxes on the myPay site by clicking on the Federal Withholding link.
    
Once there, click on the yellow pencil to go to the edit page. The blue bar tells you when you can expect the changes to go into effect.
 
Changing Your Federal Withholding Using an IRS Form W-4P
    
The IRS Form W-4P is the “Withholding Certificate for Periodic Pension or Annuity Payments” form and functions much the same way a W-4 does for income tax withholding. Find it on our Forms Library webpage.
    
State Taxes
    
DFAS cannot withhold state taxes for annuitants. For information on changes or questions about what is or is not taxable in your state, contact your state department of revenue.

Reminder: You Can Request a Duplicate 1099-R Using Our askDFAS Tool
    
If you are not a myPay user, you can get your 1099-R sent to your mailing address on record or a one-time, temporary mailing address by submitting your request online via askDFAS. Plus, you can request a prior year 1099-R. Your duplicate 1099-R should be in the mail within 10 business days.
    
Please note that 2023 tax year 1099-R reissues cannot be mailed prior to February 12, 2024.
    
Find more information at: http://www.dfas.mil/managesbp