Why more federal employees and retirees are protecting their retirement savings using this overlooked, IRS-approved program
While many federal employees will have an extra pay period in 2023 and accrue extra annual leave, it is important they understand how this may affect the “use it or lose it” policy for annual leave more…
Recent Articles
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…
Thrift Savings Plan (TSP) Resource Guide
Updated: June 11, 2023 Get the latest TSP fund returns here. The Thrift Savings Plan… 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…
Participants Sue Thrift Savings Plan for Processing Delays
The class action lawsuit filed last week alleges that the system failed to disburse loan proceeds, send hardship withdrawals, and process death benefits to beneficiaries more…
What You Should Know When Amending a Federal Income Tax Return
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…