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I am a govermant employee and under the Ferderal Employees

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Retirement Plan. i am...
I am a govermant employee and under the Ferderal Employees Retirement Plan. i am eligible to retite now at age 60. Since, I am not age 62, the Office of Personnel management will pay me a supplement at age 60 until I am age 62equal to what I would draw from social security upon requesting social secutity at age 62. Is this OPM supplement taxed? Further, at age 62 is social security taxed?
Submitted: 8 years ago.Category: Tax
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Answered in 46 minutes by:
8/3/2009
Tax Professional: Merlo, Accountant replied 8 years ago
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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Hello marine,

The OPM Special Retirement Supplement which you will be receving until you reach age 62 is fully taxable.

Once you actually start receving SS benefits, the SS benefits in themselves are not taxable, as long as your other income is within the allowed limits.

Once you start receiving SS benefits, you are allowed to have a certain amount of other income before part of your SS benefits may be subject to tax. The amount you are allowed to have in other income will vary for each individual, and there is a worksheet which you must complete to determine if any of your SS benefits will be subject to tax.

I am giving you a link to IRS publication 915 which contains the worksheet you will need to determine if any of your SS benefits will be subject to tax.

http://www.irs.gov/pub/irs-pdf/p915.pdf

If this was helpful please press the Accept button. Positive feedback is also appreciated.

Thank you marine.



Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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