Articles

Federal retirement expert, Chris Kowalik, helps federal employees to understand how beneficiaries work, and what happens if no one is assigned to receive the benefit upon the death of an employee or retiree. An important topic that many federal employees overlook is making sure that their beneficiaries are up to date on several federal benefits. On the surface, this may … [Read more...] about Tips on Updating Beneficiaries to Your Federal Benefits

The CARES Act allowed Thrift Savings Plan participants to waive 2020 required minimum distributions (RMDs). But RMDs have not been waived for 2021. The Coronavirus, Aid, Relief and Economic Security (CARES) Act allowed Thrift Savings Plan participants to waive 2020 required minimum distributions (RMDs) for all those who would otherwise have been subject to them. This … [Read more...] about Reminder on TSP Required Minimum Distributions Rules for 2021

Federal benefits and tax expert, Ed Zurndorfer, outlines what is required for individual taxpayers who have received taxable interest and dividends, owned a foreign account, or received distribution from a foreign trust.   Individuals during 2020 who: (1) Received over $1,500 of taxable interest or ordinary dividends; (2) owned a foreign account; or (3) received a … [Read more...] about IRS Reporting Requirements for Foreign Account Ownership and Trust Distributions

Federal retirement expert, Chris Kowalik, explains why taxes can derail an otherwise great retirement plan. When you’re planning for retirement, you want to make certain that your money lasts as long as possible (preferably as long as you do!). What’s one of the things that can derail an otherwise great retirement plan? Taxes. Taxes can potentially wreak havoc on your … [Read more...] about 4 Myths About Taxes in Retirement

The Treasury Department announced last week that they had distributed about 90 million Economic Impact Payments from the American Rescue Plan for COVID-19.  In general, most eligible recipients will get $1,400 for themselves and $1,400 for each of their qualifying dependents claimed on their tax return.   As of March 17, the IRS said all recipients of this first … [Read more...] about How to Check on Status of Your Stimulus Payment — Plus FAQs from IRS