Does anyone know %% of fed annuity isn't taxable? The portion you contributed toward your annuity was already taxed as part of your paycheck. After you retire, you will receive a Retirement Benefits booklet that information on how much (total) you contributed. You use that number following the IRS Simplified Method, to calculate how much isn't taxed each month. Additional details at, https://www.irs.gov/taxtopics/tc411.
Does OPM calculate this on the 1099 statement they give you to file your taxes? Or do you have to calculate and determine the deduction?
Richard
On Mar 21, 2021, at 8:37 PM, Rob Glenn via groups.io <krobglenn=yahoo.com@groups.io> wrote:
Which states don't touch TSP withdrawals?
TSP withdrawals are considered income so states without an income tax (e.g., Florida & Texas).
Does anyone know %% of fed annuity isn't taxable? The portion you contributed toward your annuity was already taxed as part of your paycheck. After you retire, you will receive a Retirement Benefits booklet that information on how much (total) you contributed. You use that number following the IRS Simplified Method, to calculate how much isn't taxed each month. Additional details at, https://www.irs.gov/taxtopics/tc411.
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