The Tax Cuts and Jobs Act of 2017 (TCJA) reduced the dependency exemption deduction to $0 for the years 2018-2025. This has resulted in the suspension of the deduction for personal exemptions on federal income tax returns during those eight years. Nevertheless, there are other provisions of the Internal Revenue Code (IRC) that utilize the dependency exemption rules, meaning for … [Read more...] about Why the Tax Dependency Exemption Benefit is Important for Federal Employees
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TSP.gov Login: Access Your Thrift Savings Plan (TSP) Account Online
UPDATED: February, 6, 2021 The account access section of the TSP website allows you to access your account balance and request certain transactions. view your TSP.gov account balance view most recent transactions get your participant statements allocate your contributions in the various TSP Funds make withdrawals make interfund transfers update your … [Read more...] about TSP.gov Login: Access Your Thrift Savings Plan (TSP) Account Online
Update on 2020 Annual Statements, 1099-R Forms for TSP and CSRS / FERS
2020 1099-R Tax Forms for CSRS and FERS annuitants According to the Office of Personnel Management (OPM), all 1099-R forms for 2020 were mailed to annuitants by January 31. Depending on where the annuitant lives, mailed 1099-R tax forms may not be received until mid-February. An annuitant with a Retirement Services Online (RSO) account under OPM can access the 2020 1099-R … [Read more...] about Update on 2020 Annual Statements, 1099-R Forms for TSP and CSRS / FERS
Lawmaker Reintroduces Equal COLA Act for Federal Retirees
Rep. Gerry Connolly (D-VA) last month reintroduced legislation which would increase cost of living adjustments (COLA) for some retired federal employees. If passed, Equal COLA Act (H.R. 304) would guarantee that federal retirees in the Federal Employee Retirement System (FERS) and the Civil Service Retirement System (CSRS) both receive the same annual percentage cost of … [Read more...] about Lawmaker Reintroduces Equal COLA Act for Federal Retirees
Types of Thrift Savings Plan (TSP) Loans
There are two types of Thrift Savings Plan loans: General purpose loan with a repayment period of 1 to 5 years. No documentation is required. Residential loan with a repayment period of 1 to 15 years. Documentation is required. A residential loan can be used only for the purchase or construction of a primary residence. The residence can be a house, condominium, shares in … [Read more...] about Types of Thrift Savings Plan (TSP) Loans