Finances as a 4 degree

So, since I lived in Texas when I was 1, I can claim residency there? If so, that's another benefit to add to being a brat :thumb:. :cool:
 
Residency is weird. Where you live CURRENTLY when you sign the papers and walk into the military (Academy) is where your residency is. You can't just claim another state because you USE to live there. You have to claim residency based on CURRENT conditions. MOST states say; if you currently live here for a certain amount of time; OR, you own property here; OR, you earn "X" amount of dollars in this state; Or, etc... you can become a resident. Each state is different. It's sort of like a drivers license. You CAN'T have more than one from more than one state. If you are NO LONGER a resident of texas, then you can't just Re-claim texas as your state of residency. If you currently live there, then you are a resident of that state, so that is what you claim.

Here's the reader's digest version that you need to worry about.

1. Whatever state you live at when you sign the papers to go to the academy, IS YOUR STATE OF RESIDENCY.
2. You CAN, after being at the academy the required period, change your residency to Colorado. (They have a very high tax rate, so I DON'T suggest it).
3. You CAN change your residency to another state; IF you meet their requirements CURRENTLY!!!! Emphasize the word CURRENTLY. NOT, because you lived there 15 years ago but no longer do.
4. Once you are a resident of a state; the recognize that of military members even if you NEVER move back there again.
5. You can ONLY be a resident of one state at a time.
6. You can ONLY have 1 drivers license from a state at a time. (You can't have your north carolina drivers license and go to the academy and get a colorado license. UNLESS you GIVE up the NC license.

Bottom line is; 99% of all states in the country have JUST AS BAD or better tax bracket as Colorado. So, wherever you are currently, just keep it that way. when you graduate the academy and move on to your first STATESIDE BASE, then consider changing residency. You can't just pick a state and choose it if you aren't CURRENTLY LIVING THERE. But once you DO have the residency, you are allowed to LEAVE and KEEP the residency because you are in the military. But GETTING THE RESIDENCY INITIALLY means tou have to be living there where you apply to get it. (OR IF YOU HAVE A BIRTH CERTIFICATE FROM THAT STATE); but that too is tricky. Check with the state you want residency from.
 
like they mentioned, it really wont matter for your first year or two. you're gonna get all of the money that they witheld for you back.
 
Will we have access to our Armed Forces bank account prior to I-Day? Just thinking it would be nice to deposit my graduation money into the account.
 
buffalo: You shoul have recieved (or be recieving soon) a letter from the Armed Forces Bank telling you how to deposit money, and it gives you an account number and routing number. You should be able to make a deposit from the info they give.
 
buffalo: You shoul have recieved (or be recieving soon) a letter from the Armed Forces Bank telling you how to deposit money, and it gives you an account number and routing number. You should be able to make a deposit from the info they give.

Alright thanks! I'll be on the lookout. I sent in the forms to AFB in late April.
 
didnt get our debit cards til we were in jack's valley though...
 
The letter with the banking information came today in the mail.
 
Why not have 2 accounts: 1 with Armed Forces and keep your old bank?
 
Why not have 2 accounts: 1 with Armed Forces and keep your old bank?

Are there any benefits of doing this other than having an account where I will be less likely to take money from? Currently I have a savings account with maybe $500 deposited. I don't think there are any branches in Colorado so I was just going to close the account and move everything over to AFB.
 
I heard that it is probably a good idea to keep your old account open for the first year or so until you get settled. Any current cadets have suggestions?
 
I do suggest keeping your original bank account until your graduate. 1) There's no law that says you can't have more than one bank account. I'm 47 years old and have 5 bank accounts. 2) God forbid something happens and you leave the academy, you don't have to try and re-open an account.
 
I kept an AFB account for about 6 months, then switched to USAA and have had them ever since. I had to reopen an AFB account for depositing cash on campus since you can only do that in San Antonio for USAA! I'd suggest having USAA and another bank with a branch that is close (like AFB or USAFA FCU).
 
My mom and I were just talking about this. The plan is have an AFB and current bank account (CSB) open until parents weekend. We are gonna set a USAA account up this week tho and let it be dormant until parents weekend at which time my parents will bring a check containing all the money from my CSB account. I will deposit that check into the USAA account and use that account to save money, and simply use my AFB account to spend money.

My question is, can i deposit money directly into my USAA account at the academy's AFB office or do i have to deposit it into my AFB account and transfer it into my USAA account online. If somebody understands what i'm saying (lol) can u explain?
 
Taxes

Does Colorado have higher taxes than California?
If not I'll switch my residency but i might switch it anyway since i'll probably get an IOU as a tax rebate for a while
 
My question is, can i deposit money directly into my USAA account at the academy's AFB office or do i have to deposit it into my AFB account and transfer it into my USAA account online. If somebody understands what i'm saying (lol) can u explain?

i dont have USAA, so someone else can be specific, but i can make an educated guess based on my friends who have usaa :)

they only do banking online. you'd have to scan the check (with a regular household scanner) onto your computer, and that's how you can deposit the money. you can't do business at the Armed Forces Bank on base w/ USAA. you could, however, do as you said and put it into your AFB account, then transfer it to your USAA account. lots of transfers, though, when you could just find a scanner and scan it directly to your USAA account
 
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