Ed Zurndorfer discusses how the Social Security earnings test affects individuals between age 62 and their full retirement age who are receiving their Social Security retirement benefits and who also have earned income. Practical examples are included
Recharacterization of Roth IRA Contributions
Some federal employees may have made contributions to their Roth IRAs when in fact they were not eligible to make these contributions. They therefore must recharacterize their Roth IRA contributions. Ed Zurndorfer discusses how to do it
Options for Those Unable to Pay Federal Income Tax Balance Due
Some federal employees and retirees discover they have a large federal income tax balance due they are unable to pay in full before the deadline. Ed Zurndorfer outlines the options including installment and online payment agreements with the IRS, and extensions of time to pay
Some Federal Employees, Retirees Should Be Aware of the Need to Pay Federal Estimated Taxes
Ed Zurndorfer discusses why some federal employees and retirees need to make quarterly estimated tax payments to the IRS.
Filing Requirements for Individuals Owning Foreign Bank and Financial Accounts
Ed Zurndorfer discusses discusses the Foreign Bank and Financial Account Report, including filing requirements, where on a federal income tax return an individual indicates where he or she may have an FBAR filing requirement, what is considered a foreign financial account, how the FBAR is filed, and penalties for not filing an FBAR
Coordinating TSP Withdrawals and Receipt of Social Security Retirement Benefits
Ed Zurndorfer discusses how to optimize a plan of when to start receiving Social Security retirement benefits and making Thrift Savings Plan withdrawals
Understanding the Child and Other Dependent Tax Credit
Many federal employees may not be aware that they could be eligible to claim on their federal income tax returns the Child Tax Credit (CTC) of up to $2,000 per qualifying child. discusses the CTC and the equivalent “other dependent” tax credit (ODC)
How Social Security’s Windfall Elimination Provision Affects Some Federal Retirees
Ed Zurndorfer explains how the WEP works, and who is affected by it. Practical examples are included
US Series I Savings Bonds: How to Purchase, Interest Paid & Taxation
Ed Zurndorfer discusses the the tax consequences of the record I bond redemption during 2023, and reviews the basics of I bonds including how they are purchased, interest paid, and when I bonds mature.
What Is Considered Income for Federal Income Tax Reporting Purposes?
Ed Zurndorfer guides federal employees and retirees in examining the various types of income that are reported on an individual’s federal income tax return including retirement benefits and Social Security