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Money and Finances
Reply to "FERS 4.4% payroll deduction"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]When you receive your FERS pension in retirement, you'll be able to claim your after tax contributions and not pay taxes on them again.[/quote] Is this accurate? Where is this coming from? I always assumed my small FERS pension would be taxed?[/quote] It will be taxed, but the small portion that was your contribution is not. The correct taxable amount is reported to you yearly on a 1099-R. There’s a complicated formula, but about 2% of your pension income won’t be subject to taxation if you’re an “old” FERS employee. Closer to 5% won’t be subject to taxation if you’re FERS-FRAE hire. Lastly, we’re talking about a dozen dollars a month here. [/quote]
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