The last 5-10 years of a federal employee’s service represents a critical period if the employee intends to retire at the time he or she wants and with sufficient pension income and benefits that will last throughout the employee’s retirement years. Ed Zurndorfer provides a general checklist for soon-to-be retirees more…
The Importance of Keeping Your Personnel File Up-to-Date
Learn why an employee’s OPF is vitally important — including for retirement purposes — and how federal employees can get a copy of their OPF and make changes in case of errors or omissions more…
Choosing Between Standard Deduction and Itemizing Deductions
Ed Zurndorfer discusses some important considerations for using the standard deduction — or itemizing deductions — when filing federal income taxes more…
Understanding the Capital Gain Tax Rules When Selling a Primary Personal Residence
Real estate sales during 2022 decreased compared to sales in previous years. Ed Zurndorfer explains why it is important for federal employees and retirees — who may have sold their principal residence during 2022 — to review the IRS rules regarding the sale of a principal residence more…
How to Report Capital Gains and Losses on the 2022 Federal Income Tax Return
Ed Zurndorfer outlines how the IRS defines a capital asset, capital gain tax rates, and Schedule D/Form 8949 reporting tips. Practical examples are included more…
How to Report Dividend Income on the 2022 Federal Income Tax Return
Ed Zurndorfer explains how federal employees and retirees must report the ordinary dividends they received in their non-retirement brokerage accounts on IRS Form 1040. Preferential tax rates, nondividend distributions, and dividends from credit unions, life insurance, mutual funds and REITs are covered. more…
Beneficiaries of Inherited IRAs Face RMD Challenges During 2023
Recent laws have created confusion about which inherited IRA beneficiaries are subject to required minimum distributions — and how much of an RMD they need to withdraw. Ed Zurndorfer summarizes the RMD rules for beneficiaries of inherited IRAs more…
How to File a Tax Return for An Individual Who Died During 2022
Ed Zurndorfer discusses the rules for filing the federal income return (Form 1040) for an individual who died — including who can make the filing, the requirements, reporting income, and deductions/credits more…
Reporting Interest Income on the 2022 Federal Income Tax Return
Ed Zurndorfer outlines the various forms of taxable interest income including bonds, CDs, money market funds, US savings bonds and others more…
Federal Income Tax Filing Status and Issues for Tax Year 2022
Ed Zurndorfer explains the various filing statuses, their advantages and disadvantages — plus the importance of evaluating them before filing more…