DFAS MyPay for Retirees [FACT SHEET]

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by Scott R. Tucker // June 19 /

Is there My Pay W2 for Military Retirees and how does it work?

It is an online system that allows military retirees to manage their finances. It’s important to understand how MyPay works in order to make the most of this valuable resource.

If you’re a military retiree, you may have noticed that you don’t receive a MyPay W2. However, that doesn’t mean that you can’t get a tax statement.

You can actually request a MyPay statement of earnings and taxes paid from the DFAS website. This document will show you all of the information that would normally be included.

In this fact sheet, we will explain what you need to know about the accounting service DFAS provides on the mypay site.

The benefits of using the Retired Military Pay site:

– Access from any computer with an internet connection

– The ability to view account balances and transaction history

– The ability to update personal information

– The ability to manage direct deposit information

– The ability to electronically file the tax form

How to access Defense Finance Earnings Statements

In order to access defense finance and accounting service, MyPay customers need a User ID and password. You can create a MyPay account by following these steps:

– Go to the MyPay login page

– Enter your Social Security number, date of birth, and PIN

– Create a new user ID and password

– Answer security questions to verify your identity

– Once you have successfully logged in, you will be able to access MyPay account

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FAQs

– Is there any difference between active duty W 2 and MyPay for retirees? 

Yes, are a military retiree you will no longer receive W-2 tax documents and will now be required to file a 1099-R. However, you will not receive a print copy mailed during tax season.

– How do I contact DFAS about my retirement pay?

The best way to ask about your retirement pay is by phone. The number for the Retirement Pay Inquiry System is 800- 321-1080.

– How often will I receive my MyPay tax statements?

MyPay statements are generated on the first of every month and are available for viewing on the MyPay website.

– How do I contact DFAS Customer Service?

You can access the website here.

– How do I Ask DFAS about the survivor benefit plan?

The best way DFAS customers to reach out about the survivor benefit plan is by phone. 216-522-5955 Monday through Friday, from 8 a.m. to 5 p.m. Eastern Time.

– How do I change my MyPay password?

You can change your password by logging in to your account and selecting the “Change Password” option from the My Profile menu.

If you’re a military retiree and have questions about your 1099R or managing your money, income, and assets so that you no longer have to overpay the IRS, we are here to help. Our team of experts can answer your questions and provide assistance. Contact us today for a free consultation.

Scott R. Tucker is an author, speaker and the founder of US VetWealth, a lifestyle and financial consulting brand that helps US Military Retirees achieve more autonomy and work/life balance. He likes to say, "I help the 1% who serve our country become the 1% who influence It." A West Point graduate, serial world traveler, military financial expert, and entrepreneur, Scott brings valuable experience and insight to those who have sacrificed so much in service to our country.

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