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... The post How Social Security’s Earnings Test Can Affect Your Retirement Benefits appeared first on www.myfederalretirement.com ..read more

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 more... The post Recharacterization of Roth IRA Contributions appeared first on www.myfederalretirement.com ..read more

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... The post Options for Those Unable to Pay Federal Income Tax Balance Due appeared first on www.myfederalretirement.com ..read more

The 2025 budget proposal from leaders of the Republican Study Committee includes pay reform, changes to some pension calculations, reducing or eliminating COLAs for retirees, and reducing the government's contribution to FEHB premiums more... The post House Republicans Propose Cuts to Federal Employee Pay and Benefits appeared first on www.myfederalretirement.com ..read more

Ed Zurndorfer discusses why some federal employees and retirees need to make quarterly estimated tax payments to the IRS. more... The post Some Federal Employees, Retirees Should Be Aware of the Need to Pay Federal Estimated Taxes appeared first on www.myfederalretirement.com ..read more

Effective January 1, 2025, the catch-up contribution limit for TSP participants turning ages 60, 61, 62, or 63 will increase more... The post Higher TSP Catch-Up Contribution Limits in 2025 for Some Participants appeared first on www.myfederalretirement.com ..read more

Chris Kowalik explores the Roth conversion strategy for the Thrift Savings Plan to drastically reduce your tax obligation in retirement more... The post Tackling the Tax Train with the TSP Roth Conversion Strategy appeared first on www.myfederalretirement.com ..read more

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... The post Filing Requirements for Individuals Owning Foreign Bank and Financial Accounts appeared first on www.myfederalretirement.com ..read more

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... The post Have You Checked Your Tax Withholding This Year? appeared first on www.myfederalretirement.com ..read more

Ed Zurndorfer discusses how to optimize a plan of when to start receiving Social Security retirement benefits and making Thrift Savings Plan withdrawals more... The post Coordinating TSP Withdrawals and Receipt of Social Security Retirement Benefits appeared first on www.myfederalretirement.com ..read more