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…
Personal Exemptions and Dependents on the 2022 Federal Income Tax Return
Ed Zurndorfer outlines the provisions of the Internal Revenue Code that allow a personal exemption on federal income tax returns more…
Who Must File a 2022 Federal Income Tax Return, When and How?
Ed Zurndorfer outlines the various federal income tax filing requirements and exceptions more…
SECURE Act 2.0 Removes Penalty for Excess Traditional IRA Contributions
Ed Zurndorfer discusses the consequences of a federal employee making excess contributions to a traditional individual retirement arrangement (IRA) — either an individual retirement account or an individual retirement annuity more…
Exceeding the Annual Contribution Limit to the TSP and to Another Tax-Deferred Retirement Plan
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…