The Internal Revenue Service announced this week that tax season for American taxpayers will begin January 19, 2016.
The author outlines some retirement tax traps for federal employees that can be avoided with proper planning.
Certain “special category” federal employees will benefit from a provision in the new tax and spending bill that extends penalty free withdrawals from the Thrift Savings Plan under certain conditions.
Congress recently introduced a new type of account for young, disabled individuals; the Achieving a Better Life Experience account, or ABLE account for short. The author describes how these accounts work for saving money for an individual with special needs.
Senators Richard Burr (R-NC) and Senator Joe Manchin (D-WV) have introduced legislation that would withhold bonuses from federal employees who are delinquent on their taxes or have engaged in documented misconduct.
You might think that retirement planning is what you do while you are working, and it stops once you retire. The author says that nothing could be further from the truth and that managing your investments is even more important once you are no longer actively contributing. He outlines some of the key points you need to know for managing assets after you leave your federal career.
If I were to pass away after only being retired a couple of years, I will have only had taxes excluded on a portion of my pension. If my wife and I elected no survivor annuity, does she get the remainder without paying additional taxes on it, since it has already been taxed?