So what should i do with a 40k signing bonus???

[Qbenjamin 10+ year member]

^^^^what he said is true my friend.....No such thing as untaxed money


thats legal

Well, to a certain degree. If you are serving overseas/live, you don't pay taxes at all. I lived in Korea for a year, and I didn't pay not one penny to the US Government (aside from Medicare/Social Security).

 

[bunkerking09 10+ year member]

Well, to a certain degree. If you are serving overseas/live, you don't pay taxes at all. I lived in Korea for a year, and I didn't pay not one penny to the US Government (aside from Medicare/Social Security).

what branch are you in? the army calls me about every day.

 

[snova031]

FALSE

The following are tax free:

1. Qualified distributions from Roth IRA

2. Municipal bonds if you reside with in the locality in which they are issued.

Roth IRA's aren't taxed...but you cannot claim deposits into them on your taxes, correct?

 

[MikeofTulsa Moderator]

Well, to a certain degree. If you are serving overseas/live, you don't pay taxes at all. I lived in Korea for a year, and I didn't pay not one penny to the US Government (aside from Medicare/Social Security).

if you live out of the states for 330 days or more out of the year you do not have to pay taxes.

 

[snova031]

But a load of crack.

You can pay me $10 to ban bmx again //content.invisioncic.com/y282845/emoticons/laugh.gif.48439b2acf2cfca21620f01e7f77d1e4.gif

 

[igtree 10+ year member]

my uncle is a cop and was offered to go teach the iraq police and he was offered 120k a year not taxed but it was like direct deposite into his account 10k at a time once a month....

 

[wj94 10+ year member]

FALSE

The following are tax free:

1. Qualified distributions from Roth IRA

2. Municipal bonds if you reside with in the locality in which they are issued.

Life insurance paid for with after-tax money (i.e. your income) is also paid out tax-free

 

[snova031]

Shit you can pay me 20 bucks and ill get myself banned with ****.

If you post **** I'll have to give you more then the usual one day "haha this is fun" ban..

 

[Flipx99 5,000+ posts]

Roth IRA's aren't taxed...but you cannot claim deposits into them on your taxes, correct?

Depends on how poor you are...IIRC, if you are poverty poor ($12kish), you can claim a saver's credit.

But consider this: the growth on your post tax contributions is free.

 

[bones22 5,000+ posts]

AF may not be the same Army but i imagine it is.

as of Jan 1, 2008 there are no bonuses even for re-enlistment this is the bright idea of the government to recoup some of the cost of the so called war.

check out the Army Times from Dec and Jan i cant remember which issue it was in

 

[Flipx99 5,000+ posts]

Life insurance paid for with after-tax money (i.e. your income) is also paid out tax-free

So there are many methods to get tax free money...I knew my list wasn't exhaustive....

 

[snova031]

Depends on how poor you are...IIRC, if you are poverty poor ($12kish), you can claim a saver's credit.
But consider this: the growth on your post tax contributions is free.

I'm considering starting an IRA...haven't looked into them all that much.

 

[Chevillac 5,000+ posts]

im pretty sure my money was taxed while I was in Korea.

 

[bunkerking09 10+ year member]

AF may not be the same Army but i imagine it is.
as of Jan 1, 2008 there are no bonuses even for re-enlistment this is the bright idea of the government to recoup some of the cost of the so called war.

check out the Army Times from Dec and Jan i cant remember which issue it was in

what? really?

 

[Flipx99 5,000+ posts]

I'm considering starting an IRA...haven't looked into them all that much.

If you think you will retire rich and want to blow the shit out of the money, go with the Roth....If you think you will retire poor and only need minimal distributions, go with the Roth.

I don't plan on leaving much inheritance.