23분
Military Tax & Spouses: "Which State Do I File Taxes In?" Military Spouse Residency Relief Act (MSRRA) with Kate Horrell # 119 The Military Money Manual Podcast
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Spouse residency rules can sometimes feel very confusing. But today, Kate Horrell helps understand the rules and requirements regarding which state servicemembers and their spouses can use for tax filing purposes. We cover things like:
What is the SCRA? What is the Military Spouse Residency Relief Act? What have the recent laws changed regarding military taxes? How does my home of record impact my state taxes? How do spouses actually have more protection in this area that the servicemember does? How does a servicemember's non-military pay get taxed? The Military Spouse Residency Relief Act (MSRRA) is not a standalone law. It actually updates SCRA. The SCRA was also further amneded under the Veterans Auto and Education Improvement Act of 2022 which stated:
"For any taxable year of marriage, a servicemember AND the spouse of such servicemember may elect to use for purposes of taxation, regardless of the date on which the marriage of the servicemember and the spouse occured, any of the following:
(a) The residence or domicile of the servicemember
(b) The residence or domicile of the spouse
(c) The permanent duty station of the servicemember"
View the full text of the law here.
Read more about these laws on Kate's webiste and her awesome Confidently Prepared Life Binder (avaialble as a fillable PDF too!). KateHorrell.com has a lot of great info on military life, pay, benefits, and college and helpful checklists, and she's a great friend of the show.
For a limited time, Spencer is offering one-on-one Military Money Coaching sessions! Get your personal military money and investing questions answered in a confidential coaching call.
Our new TSP course is live! Check out the Confident TSP Investing course at militarymoneymanual.com/tsp to learn all about the Thrift Savings Plan and strategies for growing your wealth while in the military. Use promo code "podcast24" for $50 off. Plus, for every course sold, we'll donate one course to an E-4 or below- for FREE!
If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual or email podcast@militarymoneymanual.com.
If you want to maximize your military paycheck, check out Spencer's 5 star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon or at shop.militarymoneymanual.com.
I also offer a 100% free course on military travel hacking and getting annual fee waived credit cards, like The Platinum Card® from American Express, the American Express® Gold Card, and the Chase Sapphire Reserve® Card in my Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.
Learn how to get your annual fees waived on premium credit cards from American Express in the Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.
The Platinum Card® from American Express and the American Express® Gold Card waive the annual fee for active duty military servicemembers, including Guard and Reserve on active orders over 30 days. The annual fees on all personal Amex cards are also waived for military spouses married to active duty troops.
Spouse residency rules can sometimes feel very confusing. But today, Kate Horrell helps understand the rules and requirements regarding which state servicemembers and their spouses can use for tax filing purposes. We cover things like:
What is the SCRA? What is the Military Spouse Residency Relief Act? What have the recent laws changed regarding military taxes? How does my home of record impact my state taxes? How do spouses actually have more protection in this area that the servicemember does? How does a servicemember's non-military pay get taxed? The Military Spouse Residency Relief Act (MSRRA) is not a standalone law. It actually updates SCRA. The SCRA was also further amneded under the Veterans Auto and Education Improvement Act of 2022 which stated:
"For any taxable year of marriage, a servicemember AND the spouse of such servicemember may elect to use for purposes of taxation, regardless of the date on which the marriage of the servicemember and the spouse occured, any of the following:
(a) The residence or domicile of the servicemember
(b) The residence or domicile of the spouse
(c) The permanent duty station of the servicemember"
View the full text of the law here.
Read more about these laws on Kate's webiste and her awesome Confidently Prepared Life Binder (avaialble as a fillable PDF too!). KateHorrell.com has a lot of great info on military life, pay, benefits, and college and helpful checklists, and she's a great friend of the show.
For a limited time, Spencer is offering one-on-one Military Money Coaching sessions! Get your personal military money and investing questions answered in a confidential coaching call.
Our new TSP course is live! Check out the Confident TSP Investing course at militarymoneymanual.com/tsp to learn all about the Thrift Savings Plan and strategies for growing your wealth while in the military. Use promo code "podcast24" for $50 off. Plus, for every course sold, we'll donate one course to an E-4 or below- for FREE!
If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual or email podcast@militarymoneymanual.com.
If you want to maximize your military paycheck, check out Spencer's 5 star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon or at shop.militarymoneymanual.com.
I also offer a 100% free course on military travel hacking and getting annual fee waived credit cards, like The Platinum Card® from American Express, the American Express® Gold Card, and the Chase Sapphire Reserve® Card in my Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.
Learn how to get your annual fees waived on premium credit cards from American Express in the Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.
The Platinum Card® from American Express and the American Express® Gold Card waive the annual fee for active duty military servicemembers, including Guard and Reserve on active orders over 30 days. The annual fees on all personal Amex cards are also waived for military spouses married to active duty troops.
23분