Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
All the hoopla about the tax changes is due to a change in the withholding tables. Because the Obama credits were enacted for only 2 years an adjustment needed to be made in the tables to equalize those amounts or most people would owe tax at the end of the year. It hit retired people because they weren't eligible for the credits anyway and now they're stuck with the higher withholding. The tax didn't increase, just the amount withheld. So, you will see higher tax withheld which will increase the amounts paid in at year end. You can always adjust the overall withholding to bring it down to 2010 levels and put that money back in your hands instead of in theirs. Otherwise they will be holding on to more of your money.
I saw the same information in the NARFE newsletter, and I wonder why it takes them so long to get the form to us. And then I thought, well, it's OPM. They have a long tradition of being slow to get things done. I'm glad I'm not retiring right now - who knows how long it would take them to figure out the final, correct amount of my annuity?
Although in their defense, they are probably like most (all?) federal agencies, and each year their workload increases and each year their workforce decreases.
Has anyone received a statement of Annuity, and seen their pension drop quite a bit because of a bigger tax burden. Since our pensions have been the same for 2 years in a row, I can't understand why all of a sudden the tax burden is so much higher.
That's what Congress means when they give you a raise
My wifes only went down a dollar, I haven't recieved mine yet
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
