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…
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…