Readers' Comments
Total Comments: 19
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Taxes and Your Federal Employee Retirement
Total Comments: 19
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| Close | Change | YTD | |
| G | $12.7116 | +0.0013 | +3.51% |
| F | $12.1775 | +0.0497 | +2.07% |
| C | $9.4002 | -0.9235 | -43.24% |
| S | $10.4051 | -1.2566 | -47.42% |
| I | $12.2414 | -0.9997 | -50.56% |
| Close | Change | YTD | |
| L 2040 | $11.1768 | -0.8749 | -38.72% |
| L 2030 | $11.4481 | -0.7783 | -34.24% |
| L 2020 | $11.8446 | -0.6618 | -28.86% |
| L 2010 | $13.2444 | -0.3625 | -14.33% |
| L Income | $12.4113 | -0.2200 | -7.86% |
December 2, 2008
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Question about FERS employees
treasury dept.
Wed Feb 6, 2008 9:21 AM
Post Reply
Your article gives a CSRS retiree example for taxation of annuity benefits. Does it affect a FERS retiree in the same manner? Thanks.
Re: Question about FERS employees
Federal Career Experts
Wed Feb 6, 2008 3:03 PM
TSP Withdrawal
DA
Wed Feb 6, 2008 9:41 AM
Post Reply
I think I know the answer already and that is why I am crying. Last year I took an over 62 withdrawal from my TSP account and even the 20% withholding does not cover mt tax when the withdrawal was added to my salary. I have to pay tax on both full amounts, right?
Taxable Annuity
Veterans Affairs
Wed Feb 6, 2008 10:03 AM
Post Reply
Does the IRS use actuarial tales in determining life expectancy or just use 360 months for everybody? Do they use 360 months for the 57 year old retiree AND for the 67 year old retiree?
Re: Taxable Annuity
Federal Career Experts
Wed Feb 6, 2008 3:04 PM
FERS, Social Security and TSP
DHHS
Wed Feb 6, 2008 10:15 AM
Post Reply
For those of us under FERS, how does contributions from private sector employment figure into the final annuity - is it one payment only or one from FERS and one from Social Security - I know I am optimistic. Similarly, how does the amount of your FERS/SocSec annuity factors with the TSP - will TSP be taxed and given in installments?
Re: FERS, Social Security and TSP
Federal Career Experts
Wed Feb 6, 2008 3:08 PM
IRS life expectancy estimates
USDA
Wed Feb 6, 2008 11:31 AM
Post Reply
I wonder what the IRS knows that the insurance companies, medical profession and census bureau don't. Sure hope I live to be 86 like the IRS thinks I will. It's a nifty way to keep more money in their hands and out of mine!
Taxes and Your Federal Employee Retirement
US Postal Service
Wed Feb 6, 2008 12:18 PM
Post Reply
I agree that the computation in Mr. Grobe's article, however, I disagree in part, due to the fact that the IRS sees it the way Mr. Grobe describes it, however, OPM views it as every dollar they pay out comes out of your contribution. So as soon as you've collected as much as you paid in, there's no balance due your heirs. (excepting a spousal, of course)
Re: Taxes and Your Federal Employee Retirement
Federal Career Experts
Wed Feb 6, 2008 3:06 PM
Taxes and Federal Retirement.
Former IRS
Wed Feb 6, 2008 3:51 PM
Post Reply
If the spouse passes first and then the retiree how is the unused contribution distributed? I thought it when to the estate. Also what did you mean, it's a tax deduction on the final return?
Re: Taxes and Federal Retirement.
Federal Career Experts
Thu Feb 7, 2008 5:50 PM
If any unrecouped contributions remain after the retiree and spouse have both died, those contributions are a miscellaneous itemized deduction (not subject to the 2% floor) on the decedants final tax return. The effect of this is that the "estate" gets the benefit of the unrecouped contributions.