My Federal Retirement

Financial Planning Resources for Federal & Postal Employees

Articles by Edward A. Zurndorfer, Certified Financial Planner

Edward A. Zurndorfer is a Certified Financial Planner (CFP®), Chartered Financial Consultant, Chartered Life Underwriter, Certified Employee Benefits Specialist and Enrolled Agent in Silver Spring, MD and the owner of EZ Accounting and Financial Services, an accounting, tax preparation and financial planning firm also located in Silver Spring, MD. He is a seminar speaker at federal employee retirement seminars throughout the country and has written numerous publications on federal retirement topics.

Series EE and Series I Savings Bonds Interest Can Be Excluded from Tax If Used to Pay Qualified Educational Expenses

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All or part of the interest earned on Series EE bonds issued after December 31, 1989, or the interest earned on Series I bonds is excluded from income for qualifying individuals if when the savings bonds are sold, the accrued interest is used to pay for certain educational expenses. This column discusses which individuals who cashed in Series EE or Series I savings bonds … [Read more...] about Series EE and Series I Savings Bonds Interest Can Be Excluded from Tax If Used to Pay Qualified Educational Expenses

How Eligible Individuals Can Claim Recovery Rebate Credit If They Missed Economic Impact Payments

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The COVID-related Tax Relief Act of 2020 (COVIDTRA), part of the Consolidated Appropriations Act of 2021 (CAA, 2021) contains provisions related to individual income tax. One provision contains a new program which the COVIDTRA refers to as “additional 2020 recovery rebates” and a refundable tax credit – the Recovery Rebate Credit - to eligible individuals in the amount of … [Read more...] about How Eligible Individuals Can Claim Recovery Rebate Credit If They Missed Economic Impact Payments

Understanding the Tax Consequences of Mutual Fund Ownership

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Many federal employees invest in mutual funds in non-retirement brokerage accounts. They invest directly with a mutual fund company or through a securities brokerage firm, including a bank or credit union offering brokerage services. Investing in mutual funds in non-retirement accounts most likely has tax consequences. Many investors have questions as to how to report on … [Read more...] about Understanding the Tax Consequences of Mutual Fund Ownership

Reporting Interest Income on Your 2020 Federal Income Tax Return

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Any individual who received more than $10 of interest income during 2020 from a bank, credit union or a brokerage should receive a 2020 1099-INT from the issuing institution. This column discusses the different types of interest income that need to be reported on the 2020 federal income tax return. Interest income is reported on an individual’s IRS Form 1040, line 2a … [Read more...] about Reporting Interest Income on Your 2020 Federal Income Tax Return

Why the Tax Dependency Exemption Benefit is Important for Federal Employees

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The Tax Cuts and Jobs Act of 2017 (TCJA) reduced the dependency exemption deduction to $0 for the years 2018-2025. This has resulted in the suspension of the deduction for personal exemptions on federal income tax returns during those eight years. Nevertheless, there are other provisions of the Internal Revenue Code (IRC) that utilize the dependency exemption rules, meaning for … [Read more...] about Why the Tax Dependency Exemption Benefit is Important for Federal Employees

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