Benefits Of Going Electronic
Some of the latest reports show that more than 120,000 military retirees like you have chosen to receive their IRS 1095B forms online via myPay. This form was provided for the first time during the past tax year and it reports health insurance coverage retirees use to comply with the Affordable Care Act and avoid non-coverage penalties.
By selecting electronic-only delivery, you can avoid having your tax forms sent through the postal system and potentially exposing yourself to identity theft from misdirected or stolen mail. Other benefits include saving valuable resources, such as trees that are used to make forms and envelopes, or the money required for printing and postage. So join us in our quest to safeguard your pay information and help protect the environment.
Did you know it will cost the military services about 60 cents for every 1095 form we print and mail to retirees? That may not seem like a lot, but when you add the other hardcopy mailings for 1095s, 1099Rs and annual Retiree Account Statements (RAS), the cost soars substantially.
myPay provides online self-service to avoid wait times on the phone to speak with a DFAS customer service representative, and prevents delays involved with mailing documents to update your pay account. Using myPay allows you to update your direct deposit information when you switch banks or credit unions, keep DFAS informed of your current email and home addresses, manage your allotments, and update your federal and state tax withholding amounts. Your 1095 and 1099R forms can be printed at home to help you prepare and submit your annual state and federal tax returns.
Everyday more and more of our military retirees are finding out how easy it is to use their home computers to conduct financial business. Some retirees may only log into myPay once or twice a year, but they maintain current log in information so they can get documents or make changes when they need to.
DFAS has created a number of “how to” videos on a variety of myPay topics including electronic-only delivery of 1095 forms. A list of topics can be found at: https://www.youtube.com/playlist?list=PLhx_8nsfXqVjnv_WuYeXc84lmlHBMYe6a