The Military Family Financial Readiness Coalition (MFFRC) participated in the first meeting of 2022 on January 12. The group focused on addressing current issues facing our military community, sharing financial resilience resources and programming, and discussing how to best prepare military families for the upcoming tax season.
Here are three takeaways for military and veteran families to control their financial future:
Helping Our Own
In light of recent events, COVID-related support, and the response to the Hawaii water contamination issue, Coast Guard Mutual Assistance (CGMA) shared how relief societies are coming to the aid of military families through disaster and emergency relief, education programs, and family support.
NDAA Breakdown for Military Families
The FY 2022 National Defense Authorization Act includes focuses on a basic needs allowance, child care, health care, spouse employment, paid parental leave, support for public schools, and more.
Equipping Military Families for Tax Season
This tax season is projected to be “frustrating for taxpayers” as a result of delays caused by the pandemic, years of budget cuts to the IRS, and the federal stimulus measures that have added to the workload. With the tax filing season just around the corner, the MFFRC is identifying tools and resources to make it easier for military families to get their refund.
We encourage military families to visit MilTax by Military OneSource to uncover resources to help with the tax realities/obstacles of military life like deployments, combat and training pay, housing and rentals, multistate filings, and living OCONUS.
Also, the Consumer Financial Protection Bureau (CFPB) has published a guide to filing your taxes in 2022.
Following the discontinuation of the Department of Defense’s Financial Readiness Roundtable, MFAN and it’s partners stepped up to fill the conversation and resource-sharing void through the creation of the Military Family Financial Readiness Coalition (MFFRC). The MFFRC is a network of trusted, best-in-class stakeholders from organizations across the public and private sectors with a vested interest in the financial wellbeing of military families to share ideas, best practices, challenges, and opportunities to better serve the evolving needs of our community.
The longest-standing of current coalitions, the MFFRC has grown to over 60 organizations – ranging from military-connected nonprofits, education and advocacy organizations, armed services and government leadership, and subject matter experts – who share research, programs, and resources in real time.
To learn more about the MFFRC, recommend a discussion topic, or submit a presentation request, contact Derek Doyle at firstname.lastname@example.org.
Our work is made possible in part by the generous support of presenting sponsor Wells Fargo.