OK I asked this earlier but never got the correct answer all the answers were tip toed around and never got to the question I asked... My question was does the Bank hold the bonus if it is a large amount, like they do a check.. to make sure it clears... My husband is in Iraq he renlisted (sp).. he is getting close to 15000.00, now I am really lost because he is on a mission and I dont have a way to talk to him about what others said..
I was told by the other answers earlier, he will get it in 50% then 25%, and 25%... he told me lump sum... then the other answers said it was NOT tax free, when my understanding is that it is...
Am I just wrong or are they lol.. .I am lost and I was paying all our bills off with it and needed to know if I need to stop the plans and forget about it... oh yeah last thing is people were saying it would take 2 months to get.. IS THAT RIGHT?
2007-04-16 17:25:46 · 9 answers · asked by Anonymous in Politics & Government ➔ Military
Thanks Mike, I was not planning anything around the army, lol... I know how it is, when you owe them bamm it is gone out of your check.. they owe you... lol... you wait 25 years to see it lol... thanks again
2007-04-16 17:32:58 · update #1
The Army is notoriously stingy with bonus checks.
Unless it is EXPLICITLY stated in his contract how it will be paid -- expect the Army to mess around for quite a bit of time.
Eventually (read: by the end of the contract) you will get the full bonus.
Hint: You have a benefit that the servicemember does not have, you are a civilian. Feel free to make a pest of yourself in the division Sergeant Majors office or something equal and you will get it much quicker. It might embarrass your husband, but it will get the thing paid on time.
Usually, it will be taxable and taxes will be withheld. However, given the current situation, perhaps there are some bonuses that are tax-free. I do not know about that.
2007-04-16 17:36:21 · answer #1 · answered by Anonymous · 1⤊ 0⤋
If he signed the re-enlistment papers IN Iraq, his bonus is non-taxable. They'll most likely send the 15 grand in increments of 5,000 (the did mine..) If he said lump sum, and his papers said lump sum, that's what you'll receive (note, that in the Army, a lump sum may mean 5 grand here, 5 grand there, over 1 or 2 months, but all pretty close together).
I doubt they'll do 50%, 25%, 25%, I've never heard of that.
My bonus is 50% now, 50% after 3 years of service.
Good luck.
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Edit - And as with everything Army -
Don't plan your financial future on this bonus. It may get jammed up in paperwork, etc. I hinged my fortunes off of my bonus, and it came a month or two late. That really hurts if you expect it. Act like it doesn't exist.
Yes, it will probably take 2 - 3 months.
2007-04-17 00:30:01 · answer #2 · answered by Mike M 3 · 0⤊ 0⤋
ok, dont listen to all those people who dont know what they are talking about...when he re-enlisted in combat he automaticly gets his bonus tax free, and also the incentive now is also getting it all lump sum, so yes you will get it all at once. As far as your bank holding the money because of its size, I guess its possible but I would think if they saw that it came through the military they wouldnt care too much. Just a tip, dont waste that bonus, while we were deployed we all got 22,500 as a lump sum bonus tax free and i have a guy in my platoon, who's wife spent it ALL before we got back now they are living month to month again, be wise and keep it in savings at least. Plan for your future!
2007-04-17 00:48:53 · answer #3 · answered by Jopa 5 · 0⤊ 0⤋
No, he will not get 50/25/25 for a Reenlistment bonus.
He will get either 100 or 50/50, he would know which one he gets. It is not tax free, but the taxes will be taken out of it before you see it.
The bank will only hold it for a short amount of time. You have to remember, $15k is nothing to them. Many businesses deposit much more than that each day.
It's not going to take 2 months.
2007-04-17 00:34:30 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I re-upped not too long ago, and got a 15k bonus with the deal. I got the whole thing in a lump sum, although mine was taxed, so I only got 11k of it. It only took a couple of weeks from the time I signed the paperwork til the money hit the bank. Of course, I was stateside, so I'm sure it went quite a bit faster than what you can expect.
2007-04-17 00:42:04 · answer #5 · answered by gds.1971 2 · 0⤊ 0⤋
i got one in June, when i reenlisted, i got in lump sum, mine was taxable, due to not being in a combat zone at the time, as far as i understand it it,, everything you receive while in a combat zone, IE base pay, bonuses and such, are not taxable. as for the bank holding large amounts, well some banks might,, mine did not i had access to it right away, you will need to talk to the bank manger to find out what they do,, being as it is direct deposit, then they should not hold it, for it is not a check, and will not have to clear, it is already cleared.Also i received mine the very next pay day, so i don't know what they are talking about with the 2 month crap,, the 50,25,25 they are talking about is for initial enlistment bonuses, not the reenlistment bonuses
2007-04-17 00:35:33 · answer #6 · answered by redneckmp28 3 · 0⤊ 0⤋
The bank won't have a clue it's coming because it's not a normal paycheck. When it shows up, it'll show up.
Yes, if he's overseas, it's tax free, and we do have the option of lump sum.
2007-04-17 09:05:41 · answer #7 · answered by The Tin Man 4 · 0⤊ 0⤋
It might take at least 2 months or more to get it. My daughter and her husband both got bonusses for re-enlisting and they cashed it right away, but then they're both in the military. And absolutely YES; it's tax free.
2007-04-17 00:31:47 · answer #8 · answered by Nancy D 7 · 0⤊ 0⤋
Nobody ever gives me a bonus for anything.
2007-04-17 00:28:08 · answer #9 · answered by Anonymous · 0⤊ 1⤋