Ed Zurndorfer explains how the elective deferral limit may apply to federal employees who contribute to both the Thrift Savings Plan and to another qualified retirement plan such as a 401(k), 403(b), or a 408(k)-retirement plan. more…
10 Tips for Preparing to File 2022 Federal Income Tax Returns
Ed Zurndorfer provides 10 recommendations for federal employees and retirees for getting ready to either prepare their tax returns themselves or getting their documents and information together in order for a paid preparer to prepare their returns in the most efficient and least costly way. more…
No Lifetime RMDs for Roth TSP Participants: Ramifications for Current and Future Federal Retirees
Ed Zurndorfer discusses the ramifications of this change from the Secure Act 2.0 for Roth TSP participants who are currently in federal service and federal annuitants who own Roth TSP accounts but are ineligible to contribute to their Roth TSP account more…
New TSP RMD Rules from Secure Act 2.0
Ed Zurndorfer outlines how the passage of the SECURE 2.0 Act will result in some major changes to the required minimum distribution rules for the Thrift Savings Plan more…
What Federal Employees Who Retired Dec. 31 and Receiving Social Security Benefits Need to Know
Ed Zurndorfer discusses how some employees who retired from federal service on December 31, 2022 and who plan to continue working during 2023 (as a retired annuitant, work for a private company, or be self-employed) and receive Social Security retirement benefits may temporarily lose some or all of those Social Security retirement benefits. Also covered is the possible effect of a retiring employee’s lump-sum payment for unused annual leave hours and final paycheck on the Social Security earnings test more…
How Part of Annual Leave Lump-Sum Payment Can Be Contributed to TSP of Retiring Federal Employee
Ed Zurndorfer explains how a portion of a lump-sum payment for unused annual leave hours can be indirectly contributed into a retiring federal employee’s traditional Thrift Savings Plan account. Examples are provided more…
Collapse of FTX is a Reminder to Check the Safety of Bank, Savings and Loan Association, Credit Union, Brokerage and Retirement Accounts
Ed Zurndorfer discusses what happens to a saver’s or an investor’s assets when the institution they have deposited or invested their money in fails more…
IRS Reminds Individuals Over Age 72 to Withdraw from Traditional IRAs Before Dec. 31, 2022 to Avoid Penalties
Ed Zurndorfer discusses the traditional IRA required minimum distribution deadline and what affected federal employees and retirees need to do in order to make sure they will not be subject to any IRS penalties more…
Naming Minor Children As IRA Beneficiaries
Ed Zurndorfer highlights some of the important issues when a traditional IRA or a Roth IRA owner wants to name a minor as a beneficiary — including required minimum distributions and trusts more…
Cryptocurrency Investors Need to Focus on Tax Issues Before Year-End
While cryptocurrencies have had a down year in 2022, the IRS in not losing interest in them. Ed Zurndorfer explains why cryptocurrency holders should focus on some of the tax issues associated with this type of investing more…