Ed Zurndorfer discusses the procedure of an individual’s lifetime giving and how lifetime giving may or may not lower taxes for the heirs of the individual’s estate more…
Understanding the Gift Tax Rules and Why They Are Important – Part I
Ed Zurndorfer outlines what constitutes a gift, the annual gift tax exemption, and gift tax returns. Several practical examples are provided more…
Is a Reverse Mortgage a Viable Option for Paying Long-Term Care Expenses?
Ed Zurndorfer discusses what a reverse mortgage is, how it works, its advantages and disadvantages, and how it can help employees and retirees pay the expenses associated with long-term care more…
6 Stealth Taxes That Can Affect a Federal Employee’s Retirement
A stealth tax is levied in a way that is largely unnoticed or not recognized as a traditional tax. Ed Zurndorfer explains how many of them do not kick in until retirement, why some are difficult to avoid, and how to prepare for them more…
How to Prepare for Financial Challenges When Retiring Overseas
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…