Readers' Comments
Total Comments: 37
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How is Your Federal Retirement Income Taxed?
Total Comments: 37
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| L Income | $14.0647 | +0.0064 | +1.33% |
March 13, 2010
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Social Security Disability Award
Department of Veterans Affairs
Mon Mar 23, 2009 8:52 AM
Post Reply
If a person is disabled for a period of time (2 years) and recieves a one time lump sum payment from Social Security will that disability payment be taxed? The amount of the open and closed period payment is just over $25,000.
STATE TAX
JMC
Mon Mar 23, 2009 8:56 AM
Post Reply
the state of iowa tax our retirement as in illinois dose not tax our annuity. how much does iowa tax our csrs?
Unclaimed Pension Contributions
US Treasury Dept
Mon Mar 23, 2009 9:24 AM
Post Reply
I retired and chose a survivor benefit for my wife. If I predecease her, and she subsequently dies before recovering my total contributions into the CSRS pension, will my unclaimed pension contributions be deductible on her final return as a miscellaneous itemized deduction?
Re: Unclaimed Pension Contributions
Federal Career Experts
Tue Mar 24, 2009 7:17 AM
Recovery of Contributions
DOT/FAA
Mon Mar 23, 2009 9:52 AM
Post Reply
Dear Mr. Grobe:
Your statements about receiving your contributions back over your life expectancy is correct, however, as far as how much money remains in your 'contribution account' needs clarification for your readers.
The government considers all of your retirement contributions as paid back after you have been paid that amount in retirement (period). For example: if you have contributed $100,000 into retirement contributions and you receive $50,000 a year in retirement income - your retirement contribution balance is ZERO after two years. In this case, if you die before you have received all of your retirement contributions (less than two years), your estate would have a balance due. Note: This is for a single person and does not address survivor benefits.
Way back in the 70's and early 80's your retirement income was not taxed until you received more than your contributions in retirement income. I believe the rules changed in about 1983.
More - reached character limit....
Re: Recovery of Contributions
Federal Career Experts
Tue Mar 24, 2009 7:20 AM
For those who have elected a survivor annuity the article is correct.
TAXES
USPS
Mon Mar 23, 2009 12:16 PM
Post Reply
My husband passed away and I am receiving a spousal annuity from the postal service. I am taxed on the full amount.
Either I didn't understand your article or my tax preparer did my taxes wrong.
Taxable SS Income
OPM
Mon Mar 23, 2009 2:14 PM
Post Reply
I notice that if you make less than $25K your SS is not taxed but I'm confused about SS being reduced if you earn over about $14K. In that case, if I collect SS then I would not want to earn more than that amount. Since FERS retirement can exceed the $14K, I was wondering if retirement income is not part of that limit since it could prevent me from obtaining my SS.
Re: Taxable SS Income
Federal Career Experts
Tue Mar 24, 2009 7:24 AM
The tax threshhold is the amount above which the SS you receive becomes subject to federal income tax. The tax threshhold hasn't changed for several years.
Survivor recovery of CSRS Contributions
Army
Mon Mar 23, 2009 2:53 PM
Post Reply
Your article does not address how my surviving spouse receive my remaining CSRS contributions? Would it be lump sum or paid out over a period of time?
Re: Survivor recovery of CSRS Contributions
Federal Career Experts
Tue Mar 24, 2009 7:25 AM