Jan 31, 2012

How Is Your Federal Retirement Income Taxed?

"...Exactly how is your retirement income taxed for federal income tax purposes? Let’s look at it one piece at a time.

Most of your CSRS or FERS pension will be taxable. You receive your already taxed contributions back without having to pay any more tax on them. Unfortunately, you..."

Read more at fedsmith.com

Jan 26, 2012

Civil Service Retirement Benefits Tax Guide

The Tax Guide to U.S. Civil Service Retirement Benefits (publication 721) explains how the federal income tax rules Retirement or Profit-Sharing Plans, IRAs, apply to civil service retirement benefits received by retired Insurance Contracts, etc. federal employees (including those disabled) or their survivors. These benefits are paid primarily under the Civil Service Retirement System (CSRS) or the Federal Employees Retirement System (FERS).

Read more at irs.gov

Jan 15, 2012

FERS and CSRS Reductions and Withholdings

"...Do you know the difference between something that will reduce your Civil Service Retirement System or Federal Employees Retirement System benefit and something that will be withheld from your retirement? It's important to know because the reductions will lower the income on which you'll pay taxes, but the withholdings are taken after taxes..."

Read more at govexec.com

Jan 10, 2012

TSP Tax information: 1099-R Form

Thrift Savings Plan 1099-R: IRS Forms 1099-R, Distribution from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. will be posted in 'My Account' on tsp.gov and mailed by January 31 to participants who received withdrawal or other taxable distributions during 2011.

Source: tsp.gov

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