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…
How Social Security’s Windfall Elimination Provision Affects Some Federal Retirees
Ed Zurndorfer explains how the WEP works, and who is affected by it. Practical examples are included more…
US Series I Savings Bonds: How to Purchase, Interest Paid & Taxation
Ed Zurndorfer discusses the the tax consequences of the record I bond redemption during 2023, and reviews the basics of I bonds including how they are purchased, interest paid, and when I bonds mature. more…
What Is Considered Income for Federal Income Tax Reporting Purposes?
Ed Zurndorfer guides federal employees and retirees in examining the various types of income that are reported on an individual’s federal income tax return including retirement benefits and Social Security more…
Tax Savings of Health Savings Account Distributions to Pay Medical Expenses
Ed Zurndorfer discusses the tax savings when HSA distributions are made to pay medical expenses, including which expenses are qualified, IRS reporting requirements, and state tax treatment. Tax-free HSA distributions include both the HSA contributions and accrued earnings within the HSA. more…