HPSP stipend increase?

[btizzels]

Does anyone know anything about a stipend increase for 2009? I know they have been raising it every year for the past few years and was wondering if they were going to do it again this year?

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[Smills91]

Does anyone know anything about a stipend increase for 2009? I know they have been raising it every year for the past few years and was wondering if they were going to do it again this year?

My guess it'll go up 3-3.5% like the rest of the military. I think it's 3.4%? I doubt it'll go up anymore than that...we need that money to pay out all the handouts to automakers, banks and the yuppie wall street frat boys ya know.

 

[krmower]

Does anyone know anything about a stipend increase for 2009? I know they have been raising it every year for the past few years and was wondering if they were going to do it again this year?

I spoke with our Army guy that is in charge of those things. He told me they try to keep the stipend around 75% of the salary of a 2nd lieutenant. You can check out the pay on the web at http://www.dfas.mil/ So when the pay increase in January goes into effect - the HPSP change will = roughly 75% and go into effect in the summer.

 

[NAVY DDS 2010]

I spoke with our Army guy that is in charge of those things. He told me they try to keep the stipend around 75% of the salary of a 2nd lieutenant. You can check out the pay on the web at http://www.dfas.mil/ So when the pay increase in January goes into effect - the HPSP change will = roughly 75% and go into effect in the summer.

If the Army guy is saying they try to keep the stipend around 75%, then the military has SUCKED at trying because before the past couple years, it was historically closer to half of an O-1 with <2 years salary.

 

[krmower]

If the Army guy is saying they try to keep the stipend around 75%, then the military has SUCKED at trying because before the past couple years, it was historically closer to half of an O-1 with <2 years salary.

Unfortunately for me and others - it used to be at 50%. It wasn't until recently it went up to and will be maintained at 75%. They won't be going higher than that - because it hard to justify paying an IRR Soldier the same salary that a 2nd Lieutenant getting shot at in Iraq is getting.

 

[momasboy]

Does anyone know anything about a stipend increase for 2009? I know they have been raising it every year for the past few years and was wondering if they were going to do it again this year?

I just talked to my AF recruiter yesterday and he told me that the stipend for 2009 will be $2,100.

 

[KOM]

Will this stipend increase have any bearing on the disbursememts one receives while on the 45 day active duty tour?

I'll have my first little 45 day tour in January so it would be pretty sweet if raises go into effect for the new year.

 

[krmower]

Will this stipend increase have any bearing on the disbursememts one receives while on the 45 day active duty tour?

I'll have my first little 45 day tour in January so it would be pretty sweet if raises go into effect for the new year.

Usually in January a cost of living increase will occur effective 1 January. Usually it is around 3 percent. Yould we be getting paid as a lieutenant, so you would receive the pay increase also.

 

[wodehouse]

Does anyone have any new information on this? What will the stipend be for 2009?

 

[kjayquen]

According to the official information that was put out by the Army the stipend is increased to $1992. That would be the same for all branches of service. I believe it goes into effect Aug/Sept timeframe.

 

[ArmyDDS2013]

According to the official information that was put out by the Army the stipend is increased to $1992. That would be the same for all branches of service. I believe it goes into effect Aug/Sept timeframe.

July 1st, you'll see it July 15 pay check

 

[yakuza]

How much of the stipend do we actually take home (after tax)?

 

[thebagg28]

The living stipend is not taxed but the sign on bonus is

 

[jim85213]

The living stipend is not taxed but the sign on bonus is

The stipend is definitely taxable.

 

[ArmyDDS2013]

The living stipend is not taxed but the sign on bonus is

Well technically you can take it all but you just need to file your income taxs and send the IRS a check later in march. Might as well withhold some on each paycheck and maybe get a refund later.

 

[Smills91]

Well technically you can take it all but you just need to file your income taxs and send the IRS a check later in march. Might as well withhold some on each paycheck and maybe get a refund later.

Why? So the government can collect interest on YOUR earnings? It's ALWAYS in your best interest to get ALL your money NOW. As Money now > money later.

 

[ArmyDDS2013]

Why? So the government can collect interest on YOUR earnings? It's ALWAYS in your best interest to get ALL your money NOW. As Money now > money later.

The money withheld is so minimal that its probably not worth keeping in case you have a shopping or spending problem. I do understand your point however.

 

[Aceofspades]

How do you request that they not take any withholding from you? The amount they take from the stipend isn't that much (though I would still want it back) but the amount taken from the signing bonus is HUGE! They take about 1/3rd. It's crazy. You could take that ~7k and get some real interest on it.

 

[ArmyDDS2013]

How do you request that they not take any withholding from you? The amount they take from the stipend isn't that much (though I would still want it back) but the amount taken from the signing bonus is HUGE! They take about 1/3rd. It's crazy. You could take that ~7k and get some real interest on it.

Dont think you can

 

[wodehouse]

One can claim tax exempt status and not have any withholding on paychecks.

The W-4 form reads:
"I claim exemption from withholding for 2009, and I certify that I meet both of the following conditions for exemption.
Last year I had a right to a refund of all federal income tax withheld because I had no tax liability and
This year I expect a refund of all federal income tax withheld because I expect to have no tax liability.
If you meet both conditions, write “Exempt” here"

I used this option in graduate school before (when I was making less than $25K a year) and it was a royal mess. The IRS wants quarterly reports to assure you're actually exempt, and if you owe any tax at the end of the year you'll pay late fees on that amount. I'm not sure the tax on the signing bonus is related to the number of exemptions you claim, but I wouldn't claim tax exempt status unless you're really really sure.

 

[jim85213]

One can claim tax exempt status and not have any withholding on paychecks.

The W-4 form reads:
"I claim exemption from withholding for 2009, and I certify that I meet both of the following conditions for exemption.
Last year I had a right to a refund of all federal income tax withheld because I had no tax liability and
This year I expect a refund of all federal income tax withheld because I expect to have no tax liability.
If you meet both conditions, write “Exempt” here"

I used this option in graduate school before (when I was making less than $25K a year) and it was a royal mess. The IRS wants quarterly reports to assure you're actually exempt, and if you owe any tax at the end of the year you'll pay late fees on that amount. I'm not sure the tax on the signing bonus is related to the number of exemptions you claim, but I wouldn't claim tax exempt status unless you're really really sure.

good call