tag:blogger.com,1999:blog-20674128.post30137975550725680..comments2024-03-14T13:50:26.981-04:00Comments on Chaz's School Daze: If You Retire Before 2020 How Does TRS Take Out For The TDA In The Lump Sum Payments?Chazhttp://www.blogger.com/profile/09964739497720364749noreply@blogger.comBlogger10125tag:blogger.com,1999:blog-20674128.post-65709862110864018642018-09-16T05:37:05.626-04:002018-09-16T05:37:05.626-04:00I'm retiring in 2020 before retro payout and p...I'm retiring in 2020 before retro payout and plan to increase TDA's calculated maximum in 2020 so the IRS maximum is met prior to my retirement date. And to Anonyous whothinks "we can't have it both ways"... It's earned income from 10 years ago so know matter when the distribution we should be allowed to have TDA deducted as it would have been if the UFT got us the raise in our checks 10 yrs ago. But since it's not allowed, increasing TDA prior to retirement is a solution.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-5980368938115583592018-09-13T21:44:10.068-04:002018-09-13T21:44:10.068-04:00If you are retired and need to take out a small lo...If you are retired and need to take out a small loan from your TDA which is in deferral status do you have to pay taxes on the loan or report it as income to the IRS ? anonymoushttps://www.blogger.com/profile/05775853914041179852noreply@blogger.comtag:blogger.com,1999:blog-20674128.post-19435693474566715492018-09-12T23:04:48.693-04:002018-09-12T23:04:48.693-04:00Thank you Chaz for bringing this topic up !! Thank you Chaz for bringing this topic up !! anonymoushttps://www.blogger.com/profile/05775853914041179852noreply@blogger.comtag:blogger.com,1999:blog-20674128.post-74313903950662866982018-09-11T21:00:54.721-04:002018-09-11T21:00:54.721-04:00I agree and it should be earned income and not a s...I agree and it should be earned income and not a special payment.Chazhttps://www.blogger.com/profile/09964739497720364749noreply@blogger.comtag:blogger.com,1999:blog-20674128.post-15142708487915008902018-09-11T19:37:49.343-04:002018-09-11T19:37:49.343-04:00chaz...we cant have it both ways!chaz...we cant have it both ways!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-12715921097533043922018-09-11T18:51:27.774-04:002018-09-11T18:51:27.774-04:00Anon 4:12
I understand about the "Special Pa...Anon 4:12<br /><br />I understand about the "Special Payment". However, it should be considered earned income and allow the retiree to contribute into his or her TDA.Chazhttps://www.blogger.com/profile/09964739497720364749noreply@blogger.comtag:blogger.com,1999:blog-20674128.post-24583647451275087062018-09-11T16:12:55.706-04:002018-09-11T16:12:55.706-04:00If you retire the same year your lump sum payment ...If you retire the same year your lump sum payment will have a TDA deduction if you have not met your maximum contribution. Please remember that the first CAR payment also has a TDA deduction if received in the year you retire in.<br /><br />All remaining lump sump payments following one year of retirement will not have a TDA deduction. This money is not considered income. It is considered a special payment so it does not count against your 30,000 cap for income.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-87062161424643685852018-09-11T12:57:00.445-04:002018-09-11T12:57:00.445-04:00Can you please explain how the DOE deals with reac...Can you please explain how the DOE deals with reaching the SS max and our paychecks? A lot of us at max will have that happen in November and/or December-earlier with per session. I don’t trust them to do the correct thing.<br /><br />Also, I know the year we turn 50 the TDA can be increased, do we get an email/letter from trs the year before that we can increase our percents or do we have to deal with that ourselves. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-19122745422397424812018-09-11T11:42:58.588-04:002018-09-11T11:42:58.588-04:00This is why my friend took terminal leave- so she ...This is why my friend took terminal leave- so she would still be on payroll when this year's installment of the retro is paid out. I doubt she knows the answer to this particular question, but her husband is on top of these things- and won't rest until he gets an answer.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-79304117502648674442018-09-11T10:13:21.650-04:002018-09-11T10:13:21.650-04:00I thought if you retired you missed out on the lum...I thought if you retired you missed out on the lump sum retro payments unless you retired right away that June?Anonymousnoreply@blogger.com