Q. I retired in 2006 after 39+ years of federal service. I’m still working and have the necessary time to qualify for Social Security benefits. If I apply for Social Security benefits, will the amount I receive reduce my CSRS retirement amount?
Browsing: taxes
Q. I turned 65 and applied for Medicare Part A and B, which is in effect. I pay my Part B monthly premiums separately. I am still employed and noted the Medicare tax is still being deducted from my paycheck. Is this a standard deduction that should be reimbursed, or will this deduction remain in effect until I retire?
Q. I retired on CSRS disability from the Postal Service in 1989. I had already worked and paid in all my quarters to draw my Social Security before I started working for the federal government. Will or can my Social Security check be offset by the Offset Law that was passed in 1986? I have been told it would not be.
Q. I have just been notified that I am eligible for the Voluntary Early Retirement Authority being offered by my agency. I am 57 and have 23 years of service. I have “roughed” my special retirement supplement to $700 a month, and the FERS annuity would be $1,400 a month, for a total of approximately $2,100 a month. What amount would be taxable (federal and Social Security), and what would the taxes be, assuming that would be my only income?
Q. As long as I’m employed, my Federal Employees Health Benefits premiums are taken from my pay pretax, which is more advantageous than deducting them as an itemized deduction subject to adjusted gross income limits. Does this pretax treatment continue upon retirement for a CSRS retiree, and therefore, my taxable income will be reduced by these premiums? Or will I need to start to claim them as an itemized deduction subject to income limits, which for some means we lose their deductibility after retirement?
Q. Your response on Aug. 2 indicates the lump-sum payment of unused annual leave is reduced automatically by 25 percent to cover federal, state and local taxes. The lump-sum payment is subject to Social Security withholdings. Is the Social Security taken out as part of the 25 percent, is it taken before the taxes come out, or after the taxes come out?
Q. Will annual leave be paid under phased retirement, or will the participant maintain the same leave balance in phased retirement?
Q. My husband (65) is retired after over 30 years with the Postal Service. He recently went to apply for Social Security benefits and was denied because he was told that he was minus a few quarters and would have to go back to work to earn those quarters because he worked under civil service all those years. Is this true? Will he have to find a job at his age?
Q. I am about to retire under CSRS. If I work in the private sector and earn 40+ credits, will I be able to receive Social Security benefit payments along with my CSRS retirement annuity without any offset? If the answer is no and I go to work in the private sector, or for myself, do I/they have to withhold Social Security taxes from my salary since I will not be able to draw Social Security benefits (why would you have to pay into something you cannot receive benefits from later)?
Q. I am a CSRS Offset, have 15 years under Offset and 18 under straight CSRS. You gave a formula in one of your answers to take the CSRS years times the Social Security estimate divided by 40 to get the amount that would reduce your CSRS payment. My estimate of $1,000 in Social Security is the amount for my entire years contributing into Social Security (both CSRS Offset years and years before working with the federal government). How do I figure out what amount of the $1,000 belongs to the Offset years?