Ed Zurndorfer discusses how the Social Security earnings test affects individuals between age 62 and their full retirement age who are receiving their Social Security retirement benefits and who also have earned income. Practical examples are included more…
Latest Articles
Recharacterization of Roth IRA Contributions
Some federal employees may have made contributions to their Roth IRAs when in fact they were not eligible to make these contributions. They therefore must recharacterize their Roth IRA contributions. Ed Zurndorfer discusses how to do it
Options for Those Unable to Pay Federal Income Tax Balance Due
Some federal employees and retirees discover they have a large federal income tax balance due they are unable to pay in full before the deadline. Ed Zurndorfer outlines the options including installment and online payment agreements with the IRS, and extensions of time to pay more…
Some Federal Employees, Retirees Should Be Aware of the Need to Pay Federal Estimated Taxes
Ed Zurndorfer discusses why some federal employees and retirees need to make quarterly estimated tax payments to the IRS. more…
Tackling the Tax Train with the TSP Roth Conversion Strategy
Chris Kowalik explores the Roth conversion strategy for the Thrift Savings Plan to drastically reduce your tax obligation in retirement more…
Filing Requirements for Individuals Owning Foreign Bank and Financial Accounts
Ed Zurndorfer discusses discusses the Foreign Bank and Financial Account Report, including filing requirements, where on a federal income tax return an individual indicates where he or she may have an FBAR filing requirement, what is considered a foreign financial account, how the FBAR is filed, and penalties for not filing an FBAR more…
Have You Checked Your Tax Withholding This Year?
The IRS’ online tool makes it easy for both employees and retirees to determine if they are having too little or too much federal tax withheld more…
Coordinating TSP Withdrawals and Receipt of Social Security Retirement Benefits
Ed Zurndorfer discusses how to optimize a plan of when to start receiving Social Security retirement benefits and making Thrift Savings Plan withdrawals more…
2025 Federal Pay Raise of 2% Proposed in White House Budget
If implemented, this would be the smallest pay raise in the last 3 years. Some House and Senate Democrats are proposing a 7.4% increase for 2025. more…
Understanding the Child and Other Dependent Tax Credit
Many federal employees may not be aware that they could be eligible to claim on their federal income tax returns the Child Tax Credit (CTC) of up to $2,000 per qualifying child. discusses the CTC and the equivalent “other dependent” tax credit (ODC) more…