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…
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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…
IRA Contributions: Types of IRAs, Eligibility Rules and Contribution Limits
Ed Zurndorfer outlines the different types of IRAs and eligibility rules for contributions including deductible traditional IRAs, nondeductible traditional IRAs, and Roth IRAs. Practical examples are included more…
Reaping Tax Benefits from Health Savings Account Contributions
Ed Zurndorfer explains the eligibility rules of an HSA, contribution limits and guidance, and the tax-saving opportunities for federal employees more…