Excess contributions

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Q: I am a federal employee with almost 50 years of service. Are the excess contributions that I have made since reaching the 80 percent maximum at 41 years, 11 months, taxable when I retire?

A: Any refund of excess contributions you made to the retirement fund won’t be taxable. You already paid taxes on them. On the other hand, any interest you receive will be taxable.

— Reg Jones

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Reg Jones was head of retirement and insurance policy at the Office of Personnel Management. Email your retirement-related questions to fedexperts@federaltimes.com.

2 Comments

  1. Retired federal govt; under civil service retirement (redeposit paid in full) was told I would receive 80% under civil service ; however 80% was taken away and was given 70% under civil service retirement – why do I not get the full 80%……why was 10% taken from me at retirement???? When I call Washington, DC to discuss my retirement funds no one will call me back r answer phone. my case is under Ms B Thomas in the DC office at 202-606–4202……………also my monthly annuity is not correct………..how can I fix this problems…no one wants to talk……….I feel like I am chasing a ghost and suspicious activities r going on with my civil service monies,,i need my 80%,,,,,,,,,,,HELP PLEASE SOMEONE HELP……I have a child n college and other expense(mortgage)

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