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The Military Financial Service Provider eNewsletter
November 2022
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 We are thrilled that you have subscribed to this eNewsletter for DoD service providers. You’ll find it in your inbox every month, filled with resources that will help you deliver exceptional financial knowledge and education to our service members and their families.
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Use This Tool To Help Service Members Rate Their Financial Health
The department has developed a user-friendly assessment you can use with service members to help them evaluate their financial well-being. The tool is available in digital and downloadable formats. For more information and resources on the assessment and tips on how to discuss it with service members, check out the conversation card on our website.
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Help Service Members Start Preparing Now for Tax Season
As we roll into the last weeks of the year, now is a good time to remind service members to gather receipts and other documents needed for tax preparations — and make adjustments that can make a difference at filing time. Get the conversation started.
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Upcoming OneOp Webinar: “2022 Personal Finance Year in Review”
Join OneOp on Dec. 6 for the eighth annual “Personal Finance Year in Review” webinar. It will recap legislation and events that impacted military personal finances during 2022 and look ahead at changes in income, estate taxes and Social Security that will influence 2023. Attendees of this no-cost webinar may be eligible for continuing education credit.
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IRS Releases New Tax Brackets and Retirement Plan Contribution Ceilings for 2023
On Oct. 18, the Internal Revenue Service boosted income thresholds and made changes to more than 60 other tax provisions, including the alternative minimum tax, estate tax exemption, flexible spending account limits and the earned income tax credit. On Oct. 21, the IRS adjusted retirement plan contribution ceilings to include the Thrift Savings Plan. Please share this information with members of the military community so they can be informed and take appropriate actions.
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Student Loan Repayment Pause Ends Dec. 31, 2022
Help service members and spouses prepare for the financial challenges of resuming student loan payments after a lengthy payment pause. The student loan repayment pause, which had suspended loan payments and stopped collections on defaulted loans, is expiring on Dec. 31, 2022. Individuals who have federal student loans should contact their loan servicer for details and prepare to resume their payments in January 2023.
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Did You Know: The Military Lending Act
The Military Lending Act is a federal law that protects service members, their spouses and dependents from predatory lending practices when they apply for credit cards and some loans. The law caps the loan’s maximum interest rate, prohibits certain loan terms and prepayment penalties and forbids lending institutions from requiring service members to waive certain rights and submit to mandatory arbitration.
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Service Providers and Leaders
The Office of Financial Readiness is here to support you in your mission of providing service members and their families exceptional financial knowledge and education. Here, you’ll find resources for developing your social media presence, keeping abreast of financial policies and laws, enhancing your coaching skills through training, and much more.
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