Ed Zurndorfer discusses the financial challenge of a federal employee retiring overseas with respect to maintaining bank and retirement accounts, potential foreign and federal tax liabilities, health care options, and estate planning more…
Should Federal Employees Self-Insure for Future Long-Term Care?
Ed Zurndorfer provides five questions for federal employees and retirees to consider about self-insuring for their future long-term care needs more…
Individuals Are Due $1.5 Billion in 2019 Federal Income Tax Refunds
The IRS estimates that nearly $1.5 billion in refunds remain unclaimed from the 2019 tax year. The process for making a claim by July 17, 2023 is outlined more…
How to Report Excess Earnings for FERS Annuity Supplement Recipients
Ed Zurndorfer discusses the earned income – salary/wages/net self-employment income – reporting requirements for FERS Special Retirement Supplement (SRS) annuity recipients including a review of eligibility requirements, how the annuity is calculated, possible reductions due to excess earnings, the reporting deadline (June 30), and how to report earnings to OPM. Several practical examples are included. more…
Guide to 529 College Savings Plans for Federal Employees
529 college savings plans are one of the best tax-efficient ways to set aside money for a child’s or a grandchild’s post-secondary education. Ed Zurndorfer provides a quick guide including school eligibility, qualified expenses, how to make payments and properly save receipts, IRS reporting of distributions, plan transfers, and plan rollovers at death more…
Roth IRAs May Not Be the Best Choice for Some Federal Employees, Retirees
Ed Zurndorfer discusses which federal employees and retirees are not eligible to contribute to a Roth IRA and the reasons why — plus which employees and retirees should not consider Roth IRA conversions, including the transfer of a traditional TSP account to a Roth IRA more…
What You Should Know When Amending a Federal Income Tax Return
Millions of individuals file amended tax returns to correct errors or omissions. Ed Zurndorfer discusses the important deadlines, the best way to file, and how to handle errors more…
TSP Required Minimum Distributions (RMDs)
Ed Zurndorfer provides a detailed outline of the required minimum distributions (withdrawals) for the Thrift Savings Plan including the required beginning dates under current law, how RMDs apply to the different TSP withdrawal options, and RMDs for TSP beneficiaries. Several practical examples are also included. more…
Understanding TSP Rollover Rules
Ed Zurndorfer discusses the rollover option of a separated Thrift Savings Plan participant’s TSP account to an IRA or to an eligible employer-sponsored retirement plan – including a 401(k) plan, a profit-sharing plan, a 403(b) tax-sheltered annuity or an eligible 457(b) plan maintained by a government employer more…
Using the TSP to Fund a Roth IRA
Ed Zurndorfer discusses how a Thrift Savings Plan account can be used to fund a Roth IRA — specifically, the tax-free direct rollover of a portion of a traditional TSP account to a traditional IRA, which in turn is converted to a Roth IRA (a taxable event) more…