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…
Using a TSP Life Annuity
Ed Zurndorfer discusses the TSP withdrawal method of a life annuity including how to purchase it, the various options, features available for beneficiaries, and some important reminders when choosing this method. more…
TSP Withdrawal Payments Based on Life Expectancy
Ed Zurndorfer discusses the withdrawal option of Thrift Savings Plan payments for separated participants based on life expectancy. Includes an in-depth example more…
Some May Have Received Incorrect RMD Notices in Early 2023
Ed Zurndorfer explains how the incorrect required minimum distribution notices stated that traditional IRA owners have to take their first traditional RMD for 2023, when in fact they do not have to more…
TSP Withdrawals Fixed Payment Option
There have been numerous changes to the Thrift Savings Plan including withdrawal options. Ed Zurndorfer discusses the various withdrawal methods for separated TSP participants including the fixed dollar amount option more…
How to Use the ‘Backdoor’ Strategy to Contribute to a Roth IRA
The backdoor Roth IRA strategy allows individuals to move funds into a Roth IRA even if they do not qualify to contribute to a Roth IRA because their income exceeds the allowable limits. Ed Zurndorfer discusses how the this strategy works — and how it can benefit some federal employees more…
Understanding the Rules for Deducting Home Mortgage Interest
Ed Zurndorfer explains the home mortgage interest deduction and its limitations — plus how Tax Cuts and Jobs Act of 2017 (TCJA) resulted in significant changes to this deduction more…