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File 2007 Taxes For Free

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File 2007 Taxes For Free

File 2007 taxes for free Publication 721 - Main Content Table of Contents Part I General InformationRefund of Contributions Tax Withholding and Estimated Tax Filing Requirements Part II Rules for RetireesAnnuity starting date. File 2007 taxes for free Gross monthly rate. File 2007 taxes for free Your cost. File 2007 taxes for free Choosing a survivor annuity after retirement. File 2007 taxes for free Canceling a survivor annuity after retirement. File 2007 taxes for free Annuity starting date after 1986. File 2007 taxes for free Annuity starting date before 1987. File 2007 taxes for free Simplified Method General Rule Three-Year Rule Alternative Annuity Option Federal Gift Tax Retirement During the Past Year Reemployment After Retirement Nonresident Aliens Thrift Savings Plan Rollover Rules Distributions Used To Pay Insurance Premiums for Public Safety Officers How To Report Benefits Part III Rules for Disability Retirement and Credit for the Elderly or the DisabledDisability Annuity Other Benefits Credit for the Elderly or the Disabled Part IV Rules for Survivors of Federal EmployeesFERS Death Benefit CSRS or FERS Survivor Annuity Lump-Sum CSRS or FERS Payment Thrift Savings Plan Federal Estate Tax Part V Rules for Survivors of Federal RetireesCSRS or FERS Survivor Annuity Lump-Sum CSRS or FERS Payment Voluntary Contributions Thrift Savings Plan Federal Estate Tax Income Tax Deduction for Estate Tax Paid How To Get Tax HelpLow Income Taxpayer Clinics Part I General Information This part of the publication contains information that can apply to most recipients of civil service retirement benefits. File 2007 taxes for free Refund of Contributions If you leave federal government service or transfer to a job not under the CSRS or FERS and you are not eligible for an immediate annuity, you can choose to receive a refund of the money in your CSRS or FERS retirement account. File 2007 taxes for free The refund will include both regular and voluntary contributions you made to the fund, plus any interest payable. File 2007 taxes for free If the refund includes only your contributions, none of the refund is taxable. File 2007 taxes for free If it includes any interest, the interest is taxable unless you roll it over directly into another qualified plan or a traditional individual retirement arrangement (IRA). File 2007 taxes for free If you do not have the Office of Personnel Management (OPM) transfer the interest to an IRA or other plan in a direct rollover, tax will be withheld at a 20% rate. File 2007 taxes for free See Rollover Rules in Part II for information on how to make a rollover. File 2007 taxes for free Interest is not paid on contributions to the CSRS for service after 1956 unless your service was for more than 1 year but not more than 5 years. File 2007 taxes for free Therefore, many employees who withdraw their contributions under the CSRS do not get interest and do not owe any tax on their refund. File 2007 taxes for free If you do not roll over interest included in your refund, it may qualify as a lump-sum distribution eligible for capital gain treatment or the 10-year tax option. File 2007 taxes for free If you separate from service before the calendar year in which you reach age 55, it may be subject to an additional 10% tax on early distributions. File 2007 taxes for free For more information, see Lump-Sum Distributions and Tax on Early Distributions in Publication 575. File 2007 taxes for free A lump-sum distribution is eligible for capital gain treatment or the 10-year tax option only if the plan participant was born before January 2, 1936. File 2007 taxes for free Tax Withholding and Estimated Tax The CSRS or FERS annuity you receive is subject to federal income tax withholding, unless you choose not to have tax withheld. File 2007 taxes for free OPM will tell you how to make the choice. File 2007 taxes for free The choice for no withholding remains in effect until you change it. File 2007 taxes for free These withholding rules also apply to a disability annuity, whether received before or after minimum retirement age. File 2007 taxes for free If you choose not to have tax withheld, or if you do not have enough tax withheld, you may have to make estimated tax payments. File 2007 taxes for free You may owe a penalty if the total of your withheld tax and estimated tax does not cover most of the tax shown on your return. File 2007 taxes for free Generally, you will owe the penalty for 2014 if the additional tax you must pay with your return is $1,000 or more and more than 10% of the tax to be shown on your 2014 return. File 2007 taxes for free For more information, including exceptions to the penalty, see chapter 4 of Publication 505, Tax Withholding and Estimated Tax. File 2007 taxes for free Form CSA 1099R. File 2007 taxes for free   Form CSA 1099R is mailed to you by OPM each year. File 2007 taxes for free It will show any tax you had withheld. File 2007 taxes for free File a copy of Form CSA 1099R with your tax return if any federal income tax was withheld. File 2007 taxes for free    You also can view and download your Form CSA 1099R by visiting the OPM website at  www. File 2007 taxes for free servicesonline. File 2007 taxes for free opm. File 2007 taxes for free gov. File 2007 taxes for free To log in, you will need your retirement CSA claim number and your personal identification number. File 2007 taxes for free Choosing no withholding on payments outside the United States. File 2007 taxes for free   The choice for no withholding generally cannot be made for annuity payments to be delivered outside the United States and its possessions. File 2007 taxes for free   To choose no withholding if you are a U. File 2007 taxes for free S. File 2007 taxes for free citizen or resident alien, you must provide OPM with your home address in the United States or its possessions. File 2007 taxes for free Otherwise, OPM has to withhold tax. File 2007 taxes for free For example, OPM must withhold if you provide a U. File 2007 taxes for free S. File 2007 taxes for free address for a nominee, trustee, or agent (such as a bank) to whom the benefits are to be delivered, but you do not provide your own U. File 2007 taxes for free S. File 2007 taxes for free home address. File 2007 taxes for free   If you do not provide a home address in the United States or its possessions, you can choose not to have tax withheld only if you certify to OPM that you are not a U. File 2007 taxes for free S. File 2007 taxes for free citizen, a U. File 2007 taxes for free S. File 2007 taxes for free resident alien, or someone who left the United States to avoid tax. File 2007 taxes for free But if you so certify, you may be subject to the 30% flat rate withholding that applies to nonresident aliens. File 2007 taxes for free For details, see Publication 519, U. File 2007 taxes for free S. File 2007 taxes for free Tax Guide for Aliens. File 2007 taxes for free Withholding certificate. File 2007 taxes for free   If you give OPM a Form W-4P-A, Election of Federal Income Tax Withholding, you can choose not to have tax withheld or you can choose to have tax withheld. File 2007 taxes for free The amount of tax withheld depends on your marital status, the number of withholding allowances, and any additional amount you designate to be withheld. File 2007 taxes for free If you do not make either of these choices, OPM must withhold as if you were married with three withholding allowances. File 2007 taxes for free To change the amount of tax withholding or to stop withholding, call OPM's Retirement Information Office at 1-888-767-6738 (customers within the local Washington, D. File 2007 taxes for free C. File 2007 taxes for free calling area must call 202-606-0500). File 2007 taxes for free No special form is needed. File 2007 taxes for free You will need your retirement CSA or CSF claim number, your social security number, and your personal identification number (PIN) when you call. File 2007 taxes for free If you have TTY/TDD equipment, call 1-855–887–4957. File 2007 taxes for free If you need a PIN, call OPM's Retirement Information Office. File 2007 taxes for free You also can change the amount of withholding or stop withholding online by visiting the OPM website at www. File 2007 taxes for free servicesonline. File 2007 taxes for free opm. File 2007 taxes for free gov. File 2007 taxes for free You will need your retirement CSA or CSF claim number and your PIN. File 2007 taxes for free Withholding from certain lump-sum payments. File 2007 taxes for free   If you leave the federal government before becoming eligible to retire and you apply for a refund of your CSRS or FERS contributions, or you die without leaving a survivor eligible for an annuity, you or your beneficiary will receive a distribution of your contributions to the retirement plan plus any interest payable. File 2007 taxes for free Tax will be withheld at a 20% rate on the interest distributed. File 2007 taxes for free However, tax will not be withheld if you have OPM transfer (roll over) the interest directly to your traditional IRA or other qualified plan. File 2007 taxes for free If you have OPM transfer (roll over) the interest directly to a Roth IRA, the entire amount will be taxed in the current year. File 2007 taxes for free Because no income tax will be withheld at the time of the transfer, you may want to increase your withholding or pay estimated taxes. File 2007 taxes for free See Rollover Rules in Part II. File 2007 taxes for free If you receive only your contributions, no tax will be withheld. File 2007 taxes for free Withholding from Thrift Savings Plan payments. File 2007 taxes for free   Generally, a distribution that you receive from the TSP is subject to federal income tax withholding. File 2007 taxes for free The amount withheld is: 20% if the distribution is an eligible rollover distribution, 10% if it is a nonperiodic distribution other than an eligible rollover distribution, or An amount determined as if you were married with three withholding allowances, unless you submit a withholding certificate (Form W-4P), if it is a periodic distribution. File 2007 taxes for free  However, you usually can choose not to have tax withheld from TSP payments other than eligible rollover distributions. File 2007 taxes for free By January 31 after the end of the year in which you receive a distribution, the TSP will issue Form 1099-R showing the total distributions you received in the prior year and the amount of tax withheld. File 2007 taxes for free   For a detailed discussion of withholding on distributions from the TSP, see Important Tax Information About Payments From Your TSP Account, available from your agency personnel office or from the TSP. File 2007 taxes for free The above document is also available in the “Forms & Publications” section of the TSP website at www. File 2007 taxes for free tsp. File 2007 taxes for free gov. File 2007 taxes for free Estimated tax. File 2007 taxes for free   Generally, you must make estimated tax payments for 2014 if you expect to owe at least $1,000 in tax for 2014 (after subtracting your withholding and credits) and you expect your withholding and your credits to be less than the smaller of: 90% of the tax to be shown on your income tax return for 2014, or 100% of the tax shown on your 2013 income tax return (110% of that amount if the adjusted gross income shown on the return was more than $150,000 ($75,000 if your filing status for 2014 will be married filing separately)). File 2007 taxes for free The return must cover all 12 months. File 2007 taxes for free   You do not have to pay estimated tax for 2014 if you were a U. File 2007 taxes for free S. File 2007 taxes for free citizen or resident alien for all of 2013 and you had no tax liability for the full 12-month 2013 tax year. File 2007 taxes for free   Publication 505 contains information that you can use to help you figure your estimated tax payments. File 2007 taxes for free Filing Requirements If your gross income, including the taxable part of your annuity, is less than a certain amount, you generally do not have to file a federal income tax return for that year. File 2007 taxes for free The gross income filing requirements for the tax year are in the instructions to Form 1040, 1040A, or 1040EZ. File 2007 taxes for free Children. File 2007 taxes for free   If you are the surviving spouse of a federal employee or retiree and your monthly annuity check includes a survivor annuity for one or more children, each child's annuity counts as his or her own income (not yours) for federal income tax purposes. File 2007 taxes for free   If your child can be claimed as a dependent, treat the taxable part of his or her annuity as unearned income when applying the filing requirements for dependents. File 2007 taxes for free Form CSF 1099R. File 2007 taxes for free   Form CSF 1099R will be mailed to you by January 31 after the end of each tax year. File 2007 taxes for free It will show the total amount of the annuity you received in the past year. File 2007 taxes for free It also should show, separately, the survivor annuity for a child or children. File 2007 taxes for free Only the part that is each individual's survivor annuity should be shown on that individual's Form 1040 or 1040A. File 2007 taxes for free   If your Form CSF 1099R does not show separately the amount paid to you for a child or children, attach a statement to your return, along with a copy of Form CSF 1099R, explaining why the amount shown on the tax return differs from the amount shown on Form CSF 1099R. File 2007 taxes for free    You also can view and download your Form CSF 1099R by visiting the OPM website at  www. File 2007 taxes for free servicesonline. File 2007 taxes for free opm. File 2007 taxes for free gov. File 2007 taxes for free To log in you will need your retirement CSF claim number and personal identification number. File 2007 taxes for free    You may request a Summary of Payments, showing the amounts paid to you for your child(ren), from OPM by calling OPM's Retirement Information Office at 1-888-767-6738 (customers within the local Washington, D. File 2007 taxes for free C. File 2007 taxes for free calling area must call 202-606-0500). File 2007 taxes for free You will need your CSF claim number and your social security number when you call. File 2007 taxes for free Taxable part of annuity. File 2007 taxes for free   To find the taxable part of a retiree's annuity when applying the filing requirements, see the discussion in Part II, Rules for Retirees , or Part III, Rules for Disability Retirement and Credit for the Elderly or the Disabled , whichever applies. File 2007 taxes for free To find the taxable part of each survivor annuity when applying the filing requirements, see the discussion in Part IV, Rules for Survivors of Federal Employees , or Part V, Rules for Survivors of Federal Retirees , whichever applies. File 2007 taxes for free Part II Rules for Retirees This part of the publication is for retirees who retired on nondisability retirement. File 2007 taxes for free If you retired on disability before you reached your minimum retirement age, see Part III, Rules for Disability Retirement and Credit for the Elderly or the Disabled. File 2007 taxes for free However, on the day after you reach your minimum retirement age, use the rules in this section to report your disability retirement and begin recovering your cost. File 2007 taxes for free Annuity statement. File 2007 taxes for free   The statement you received from OPM when your CSRS or FERS annuity was approved shows the commencing date (the annuity starting date), the gross monthly rate of your annuity benefit, and your total contributions to the retirement plan (your cost). File 2007 taxes for free You will use this information to figure the tax-free recovery of your cost. File 2007 taxes for free Annuity starting date. File 2007 taxes for free   If you retire from federal government service on a regular annuity, your annuity starting date is the commencing date on your annuity statement from OPM. File 2007 taxes for free If something delays payment of your annuity, such as a late application for retirement, it does not affect the date your annuity begins to accrue or your annuity starting date. File 2007 taxes for free Gross monthly rate. File 2007 taxes for free   This is the amount you were to get after any adjustment for electing a survivor's annuity or for electing the lump-sum payment under the alternative annuity option (if either applied) but before any deduction for income tax withholding, insurance premiums, etc. File 2007 taxes for free Your cost. File 2007 taxes for free   Your monthly annuity payment contains an amount on which you have previously paid income tax. File 2007 taxes for free This amount represents part of your contributions to the retirement plan. File 2007 taxes for free Even though you did not receive the money that was contributed to the plan, it was included in your gross income for federal income tax purposes in the years it was taken out of your pay. File 2007 taxes for free   The cost of your annuity is the total of your contributions to the retirement plan, as shown on your annuity statement from OPM. File 2007 taxes for free If you elected the alternative annuity option, it includes any deemed deposits and any deemed redeposits that were added to your lump-sum credit. File 2007 taxes for free (See Lump-sum credit under Alternative Annuity Option, later. File 2007 taxes for free )   If you repaid contributions that you had withdrawn from the retirement plan earlier, or if you paid into the plan to receive full credit for service not subject to retirement deductions, the entire repayment, including any interest, is a part of your cost. File 2007 taxes for free You cannot claim an interest deduction for any interest payments. File 2007 taxes for free You cannot treat these payments as voluntary contributions; they are considered regular employee contributions. File 2007 taxes for free Recovering your cost tax free. File 2007 taxes for free   How you figure the tax-free recovery of the cost of your CSRS or FERS annuity depends on your annuity starting date. File 2007 taxes for free If your annuity starting date is before July 2, 1986, either the Three-Year Rule or the General Rule (both discussed later) applies to your annuity. File 2007 taxes for free If your annuity starting date is after July 1, 1986, and before November 19, 1996, you could have chosen to use either the General Rule or the Simplified Method (discussed later). File 2007 taxes for free If your annuity starting date is after November 18, 1996, you must use the Simplified Method. File 2007 taxes for free   Under both the General Rule and the Simplified Method, each of your monthly annuity payments is made up of two parts: the tax-free part that is a return of your cost, and the taxable part that is the amount of each payment that is more than the part that represents your cost (unless such payment is used for purposes discussed under Distributions Used To Pay Insurance Premiums for Public Safety Officers , later). File 2007 taxes for free The tax-free part is a fixed dollar amount. File 2007 taxes for free It remains the same, even if your annuity is increased. File 2007 taxes for free Generally, this rule applies as long as you receive your annuity. File 2007 taxes for free However, see Exclusion limit , later. File 2007 taxes for free Choosing a survivor annuity after retirement. File 2007 taxes for free    If you retired without a survivor annuity and report your annuity under the Simplified Method, do not change your tax-free monthly amount even if you later choose a survivor annuity. File 2007 taxes for free   If you retired without a survivor annuity and report your annuity under the General Rule, you must figure the tax-free part of your annuity using a new exclusion percentage if you later choose a survivor annuity and take reduced annuity payments. File 2007 taxes for free To figure the new exclusion percentage, reduce your cost by the amount you previously recovered tax free. File 2007 taxes for free Figure the expected return as of the date the reduced annuity begins. File 2007 taxes for free For details on the General Rule, see Publication 939. File 2007 taxes for free Canceling a survivor annuity after retirement. File 2007 taxes for free   If you retired with a survivor annuity payable to your spouse upon your death and you notify OPM that your marriage has ended, your annuity might be increased to remove the reduction for a survivor benefit. File 2007 taxes for free The increased annuity does not change the cost recovery you figured at the annuity starting date. File 2007 taxes for free The tax-free part of each annuity payment remains the same. File 2007 taxes for free    For more information about choosing or canceling a survivor annuity after retirement, contact OPM's Retirement Information Office at 1-888-767-6738 (customers within the local Washington, D. File 2007 taxes for free C. File 2007 taxes for free calling area must call 202-606-0500). File 2007 taxes for free Exclusion limit. File 2007 taxes for free   Your annuity starting date determines the total amount of annuity payments that you can exclude from income over the years. File 2007 taxes for free Annuity starting date after 1986. File 2007 taxes for free   If your annuity starting date is after 1986, the total amount of annuity income that you (or the survivor annuitant) can exclude over the years as a return of your cost cannot exceed your total cost. File 2007 taxes for free Annuity payments you or your survivors receive after the total cost in the plan has been recovered are generally fully taxable. File 2007 taxes for free Example. File 2007 taxes for free Your annuity starting date is after 1986 and you exclude $100 a month under the Simplified Method. File 2007 taxes for free If your cost is $12,000, the exclusion ends after 10 years (120 months). File 2007 taxes for free Thereafter, your entire annuity is generally fully taxable. File 2007 taxes for free Annuity starting date before 1987. File 2007 taxes for free   If your annuity starting date is before 1987, you can continue to take your monthly exclusion figured under the General Rule or Simplified Method for as long as you receive your annuity. File 2007 taxes for free If you chose a joint and survivor annuity, your survivor can continue to take that same exclusion. File 2007 taxes for free The total exclusion may be more than your cost. File 2007 taxes for free Deduction of unrecovered cost. File 2007 taxes for free   If your annuity starting date is after July 1, 1986, and the cost of your annuity has not been fully recovered at your (or the survivor annuitant's) death, a deduction is allowed for the unrecovered cost. File 2007 taxes for free The deduction is claimed on your (or your survivor's) final tax return as a miscellaneous itemized deduction (not subject to the 2%-of-adjusted-gross-income limit). File 2007 taxes for free If your annuity starting date is before July 2, 1986, no tax benefit is allowed for any unrecovered cost at death. File 2007 taxes for free Simplified Method If your annuity starting date is after November 18, 1996, you must use the Simplified Method to figure the tax-free part of your CSRS or FERS annuity. File 2007 taxes for free (OPM has figured the taxable amount of your annuity shown on your Form CSA 1099R using the Simplified Method. File 2007 taxes for free ) You could have chosen to use either the Simplified Method or the General Rule if your annuity starting date is after July 1, 1986, but before November 19, 1996. File 2007 taxes for free The Simplified Method does not apply if your annuity starting date is before July 2, 1986. File 2007 taxes for free Under the Simplified Method, you figure the tax-free part of each full monthly payment by dividing your cost by a number of months based on your age. File 2007 taxes for free This number will differ depending on whether your annuity starting date is before November 19, 1996, or after November 18, 1996. File 2007 taxes for free If your annuity starting date is after 1997 and your annuity includes a survivor benefit for your spouse, this number is based on your combined ages. File 2007 taxes for free Worksheet A. File 2007 taxes for free   Use Worksheet A. File 2007 taxes for free Simplified Method (near the end of this publication), to figure your taxable annuity. File 2007 taxes for free Be sure to keep the completed worksheet. File 2007 taxes for free It will help you figure your taxable amounts for later years. File 2007 taxes for free Instead of Worksheet A, you generally can use the Simplified Method Worksheet in the instructions for Form 1040, Form 1040A, or Form 1040NR to figure your taxable annuity. File 2007 taxes for free However, you must use Worksheet A and Worksheet B in this publication if you chose the alternative annuity option, discussed later. File 2007 taxes for free Line 2. File 2007 taxes for free   See Your cost , earlier, for an explanation of your cost in the plan. File 2007 taxes for free If your annuity starting date is after November 18, 1996, and you chose the alternative annuity option (explained later), you must reduce your cost by the tax-free part of the lump-sum payment you received. File 2007 taxes for free Line 3. File 2007 taxes for free   The number you enter on line 3 is the appropriate number from Table 1 or 2 representing approximate life expectancies in months. File 2007 taxes for free If your annuity starting date is after 1997, use: Table 1 for an annuity without a survivor benefit, or Table 2 for an annuity with a survivor benefit. File 2007 taxes for free If your annuity starting date is before 1998, use Table 1. File 2007 taxes for free Line 6. File 2007 taxes for free   If you received contributions tax free before 2013, the amount previously recovered tax free that you must enter on line 6 is the total amount from line 10 of last year's worksheet. File 2007 taxes for free If your annuity starting date is before November 19, 1996, and you chose the alternative annuity option, this amount includes the tax-free part of the lump-sum payment you received. File 2007 taxes for free Example. File 2007 taxes for free Bill Smith retired from the Federal Government on March 31, 2013, under an annuity that will provide a survivor benefit for his wife, Kathy. File 2007 taxes for free His annuity starting date is April 1, 2013, the annuity is paid in arrears, and he received his first monthly annuity payment on May 1, 2013. File 2007 taxes for free He must use the Simplified Method to figure the tax-free part of his annuity benefits. File 2007 taxes for free Bill's monthly annuity benefit is $1,000. File 2007 taxes for free He had contributed $31,000 to his retirement plan and had received no distributions before his annuity starting date. File 2007 taxes for free At his annuity starting date, he was 65 and Kathy was 57. File 2007 taxes for free Bill's completed Worksheet A is shown later. File 2007 taxes for free To complete line 3, he used Table 2 at the bottom of the worksheet and found that 310 is the number in the second column opposite the age range that includes 122 (his and Kathy's combined ages). File 2007 taxes for free Bill keeps a copy of the completed worksheet for his records. File 2007 taxes for free It will help him (and Kathy, if she survives him) figure the taxable amount of the annuity in later years. File 2007 taxes for free Bill's tax-free monthly amount is $100. File 2007 taxes for free (See line 4 of the worksheet. File 2007 taxes for free ) If he lives to collect more than 310 monthly payments, he will generally have to include in his gross income the full amount of any annuity payments received after 310 payments have been made. File 2007 taxes for free If Bill does not live to collect 310 monthly payments and his wife begins to receive monthly payments, she also will exclude $100 from each monthly payment until 310 payments (Bill's and hers) have been collected. File 2007 taxes for free If she dies before 310 payments have been made, a miscellaneous itemized deduction (not subject to the 2%-of-adjusted- gross-income limit) will be allowed for the unrecovered cost on her final income tax return. File 2007 taxes for free General Rule If your annuity starting date is after November 18, 1996, you cannot use the General Rule to figure the tax-free part of your CSRS or FERS annuity. File 2007 taxes for free If your annuity starting date is after July 1, 1986, but before November 19, 1996, you could have chosen to use either the General Rule or the Simplified Method. File 2007 taxes for free If your annuity starting date is before July 2, 1986, you could have chosen to use the General Rule only if you could not use the Three-Year Rule. File 2007 taxes for free Under the General Rule, you figure the tax-free part of each full monthly payment by multiplying the initial gross monthly rate of your annuity by an exclusion percentage. File 2007 taxes for free Figuring this percentage is complex and requires the use of actuarial tables. File 2007 taxes for free For these tables and other information about using the General Rule, see Publication 939. File 2007 taxes for free Three-Year Rule If your annuity starting date was before July 2, 1986, you probably had to report your annuity using the Three-Year Rule. File 2007 taxes for free Under this rule, you excluded all the annuity payments from income until you fully recovered your cost. File 2007 taxes for free After your cost was recovered, all payments became fully taxable. File 2007 taxes for free You cannot use another rule to again exclude amounts from income. File 2007 taxes for free The Three-Year Rule was repealed for retirees whose annuity starting date is after July 1, 1986. File 2007 taxes for free Worksheet A. File 2007 taxes for free Simplified Method for Bill Smith See the instructions in Part II of this publication under Simplified Method. File 2007 taxes for free 1. File 2007 taxes for free Enter the total pension or annuity payments received this year. File 2007 taxes for free Also, add this amount to the total for Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a 1. File 2007 taxes for free $ 8,000 2. File 2007 taxes for free Enter your cost in the plan at the annuity starting date, plus any death benefit exclusion*. File 2007 taxes for free See Your cost in Part II, Rules for Retirees, earlier 2. File 2007 taxes for free 31,000 Note: If your annuity starting date was before this year and you completed this worksheet last year, skip line 3 and enter the amount from line 4 of last year's worksheet on line 4 below (even if the amount of your pension or annuity has changed). File 2007 taxes for free Otherwise, go to line 3. File 2007 taxes for free   3. File 2007 taxes for free Enter the appropriate number from Table 1 below. File 2007 taxes for free But if your annuity starting date was after 1997 and the payments are for your life and that of your beneficiary, enter the appropriate number from Table 2 below. File 2007 taxes for free 3. File 2007 taxes for free 310 4. File 2007 taxes for free Divide line 2 by the number on line 3 4. File 2007 taxes for free 100 5. File 2007 taxes for free Multiply line 4 by the number of months for which this year's payments were made. File 2007 taxes for free If your annuity starting date was before 1987, enter this amount on line 8 below and skip lines 6, 7, 10, and 11. File 2007 taxes for free Otherwise, go to line 6 5. File 2007 taxes for free 800 6. File 2007 taxes for free Enter any amounts previously recovered tax free in years after 1986. File 2007 taxes for free This is the amount shown on line 10 of your worksheet for last year 6. File 2007 taxes for free 0 7. File 2007 taxes for free Subtract line 6 from line 2 7. File 2007 taxes for free 31,000 8. File 2007 taxes for free Enter the smaller of line 5 or line 7 8. File 2007 taxes for free 800 9. File 2007 taxes for free Taxable amount for year. File 2007 taxes for free Subtract line 8 from line 1. File 2007 taxes for free Enter the result, but not less than zero. File 2007 taxes for free Also, add this amount to the total for Form 1040, line 16b, or Form 1040A, line 12b. File 2007 taxes for free If you are a nonresident alien, also enter this amount on line 1 of Worksheet C. File 2007 taxes for free If your Form CSA 1099R or Form CSF 1099R shows a larger amount, use the amount figured on this line instead. File 2007 taxes for free If you are a retired public safety officer, see Distributions Used To Pay Insurance Premiums for Public Safety Officers in Part II before entering an amount on your tax return or Worksheet C, line 1 9. File 2007 taxes for free $7,200 10. File 2007 taxes for free Was your annuity starting date before 1987?   Yes. File 2007 taxes for free Do not complete the rest of this worksheet. File 2007 taxes for free    No. File 2007 taxes for free Add lines 6 and 8. File 2007 taxes for free This is the amount you have recovered tax free through 2013. File 2007 taxes for free You will need this number if you need to fill out this worksheet next year 10. File 2007 taxes for free 800 11. File 2007 taxes for free Balance of cost to be recovered. File 2007 taxes for free Subtract line 10 from line 2. File 2007 taxes for free If zero, you will not have to complete this worksheet next year. File 2007 taxes for free The payments you receive next year will generally be fully taxable 11. File 2007 taxes for free $30,200 Table 1 for Line 3 Above    IF your age on your  annuity starting date was   AND your annuity starting date was—     before November 19, 1996,  THEN enter on line 3 after November 18, 1996,  THEN enter on line 3   55 or under 300 360   56–60 260 310   61–65 240 260   66–70 170 210   71 or over 120 160  Table 2 for Line 3 Above    IF the annuitants' combined ages on your annuity starting date were   THEN enter on line 3         110 or under   410         111–120   360         121–130   310         131–140   260         141 or over   210       * A death benefit exclusion of up to $5,000 applied to certain benefits received by survivors of employees who died before August 21, 1996. File 2007 taxes for free Alternative Annuity Option If you are eligible, you may choose an alternative form of annuity. File 2007 taxes for free If you make this choice, you will receive a lump-sum payment equal to your contributions to the plan and a reduced monthly annuity. File 2007 taxes for free You are eligible to make this choice if you meet all of the following requirements. File 2007 taxes for free You are retiring, but not on disability. File 2007 taxes for free You have a life-threatening illness or other critical medical condition. File 2007 taxes for free You do not have a former spouse entitled to court ordered benefits based on your service. File 2007 taxes for free If you are not eligible or do not choose this alternative annuity, you can skip the following discussion and go to Federal Gift Tax , later. File 2007 taxes for free Lump-Sum Payment The lump-sum payment you receive under the alternative annuity option generally has a tax-free part and a taxable part. File 2007 taxes for free The tax-free part represents part of your cost. File 2007 taxes for free The taxable part represents part of the earnings on your annuity contract. File 2007 taxes for free Your lump-sum credit (discussed later) may include a deemed deposit or redeposit that is treated as being included in your lump-sum payment even though you do not actually receive such amounts. File 2007 taxes for free Deemed deposits and redeposits, which are described later under Lump-sum credit , are taxable to you in the year of retirement. File 2007 taxes for free Your taxable amount may therefore be more than the lump-sum payment you receive. File 2007 taxes for free You must include the taxable part of the lump-sum payment in your income for the year you receive the payment unless you roll it over into another qualified plan or an IRA. File 2007 taxes for free If you do not have OPM transfer the taxable amount to an IRA or other plan in a direct rollover, tax will be withheld at a 20% rate. File 2007 taxes for free See Rollover Rules , later, for information on how to make a rollover. File 2007 taxes for free OPM can make a direct rollover only up to the amount of the lump-sum payment. File 2007 taxes for free Therefore, to defer tax on the full taxable amount if it is more than the payment, you must add funds from another source. File 2007 taxes for free The taxable part of the lump-sum payment does not qualify as a lump-sum distribution eligible for capital gain treatment or the 10-year tax option. File 2007 taxes for free It also may be subject to an additional 10% tax on early distributions if you separate from service before the calendar year in which you reach age 55, even if you reach age 55 in the year you receive the lump-sum payment. File 2007 taxes for free For more information, see Lump-Sum Distributions and Tax on Early Distributions in Publication 575. File 2007 taxes for free Worksheet B. File 2007 taxes for free   Use Worksheet B. File 2007 taxes for free Lump-Sum Payment (near the end of this publication), to figure the taxable part of your lump-sum payment. File 2007 taxes for free Be sure to keep the completed worksheet for your records. File 2007 taxes for free   To complete the worksheet, you will need to know the amount of your lump-sum credit and the present value of your annuity contract. File 2007 taxes for free Lump-sum credit. File 2007 taxes for free   Generally, this is the same amount as the lump-sum payment you receive (the total of your contributions to the retirement system). File 2007 taxes for free However, for purposes of the alternative annuity option, your lump-sum credit also may include deemed deposits and redeposits that OPM advanced to your retirement account so that you are given credit for the service they represent. File 2007 taxes for free Deemed deposits (including interest) are for federal employment during which no retirement contributions were taken out of your pay. File 2007 taxes for free Deemed redeposits (including interest) are for any refunds of retirement contributions that you received and did not repay. File 2007 taxes for free You are treated as if you had received a lump-sum payment equal to the amount of your lump-sum credit and then had made a repayment to OPM of the advanced amounts. File 2007 taxes for free Present value of your annuity contract. File 2007 taxes for free   The present value of your annuity contract is figured using actuarial tables provided by the IRS. File 2007 taxes for free If you are receiving a lump-sum payment under the Alternative Annuity Option, you can write to the address below to find out the present value of your annuity contract. File 2007 taxes for free Internal Revenue Service Attn: Actuarial Group 2 TE/GE SE:T:EP:RA:T:A2 NCA-629 1111 Constitution Ave. File 2007 taxes for free , NW Washington, DC 20224-0002 Example. File 2007 taxes for free David Brown retired from the federal government in 2013, one month after his 55th birthday. File 2007 taxes for free He had contributed $31,000 to his retirement plan and chose to receive a lump-sum payment of that amount under the alternative annuity option. File 2007 taxes for free The present value of his annuity contract was $155,000. File 2007 taxes for free The tax-free part and the taxable part of the lump-sum payment are figured using Worksheet B, as shown below. File 2007 taxes for free The taxable part ($24,800) is also his net cost in the plan, which is used to figure the taxable part of his reduced annuity payments. File 2007 taxes for free See Reduced Annuity , later. File 2007 taxes for free Worksheet B. File 2007 taxes for free Lump-Sum Payment for David Brown See the instructions in Part II of this publication under Alternative Annuity Option . File 2007 taxes for free  1. File 2007 taxes for free Enter your lump-sum credit (your cost in the plan at the annuity starting date) 1. File 2007 taxes for free $ 31,000 2. File 2007 taxes for free Enter the present value of your annuity contract 2. File 2007 taxes for free 155,000 3. File 2007 taxes for free Divide line 1 by line 2 3. File 2007 taxes for free . File 2007 taxes for free 20 4. File 2007 taxes for free Tax-free amount. File 2007 taxes for free Multiply line 1 by line 3. File 2007 taxes for free (Caution: Do not include this amount on line 6 of Worksheet A in this publication. File 2007 taxes for free ) 4. File 2007 taxes for free $6,200 5. File 2007 taxes for free Taxable amount (net cost in the plan). File 2007 taxes for free Subtract line 4 from line 1. File 2007 taxes for free Include this amount in the total on Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b. File 2007 taxes for free Also, enter this amount on line 2 of Worksheet A in this publication. File 2007 taxes for free 5. File 2007 taxes for free $24,800   Lump-sum payment in installments. File 2007 taxes for free   If you choose the alternative annuity option, you usually will receive the lump-sum payment in two equal installments. File 2007 taxes for free You will receive the first installment after you make the choice upon retirement. File 2007 taxes for free The second installment will be paid to you, with interest, in the next calendar year. File 2007 taxes for free (Exceptions to the installment rule are provided for cases of critical medical need. File 2007 taxes for free )   Even though the lump-sum payment is made in installments, the overall tax treatment (explained at the beginning of this discussion) is the same as if the whole payment were paid at once. File 2007 taxes for free If the payment has a tax-free part, you must treat the taxable part as received first. File 2007 taxes for free How to report. File 2007 taxes for free   Add any actual or deemed payment of your lump-sum credit (defined earlier) to the total for Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a. File 2007 taxes for free Add the taxable part to the total for Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b, unless you roll over the taxable part to your traditional IRA or a qualified retirement plan. File 2007 taxes for free    If you receive the lump-sum payment in two installments, include any interest paid with the second installment on line 8a of either Form 1040 or Form 1040A, or on line 9a of Form 1040NR. File 2007 taxes for free Reduced Annuity If you have chosen to receive a lump-sum payment under the alternative annuity option, you also will receive reduced monthly annuity payments. File 2007 taxes for free These annuity payments each will have a tax-free and a taxable part. File 2007 taxes for free To figure the tax-free part of each annuity payment, you must use the Simplified Method (Worksheet A). File 2007 taxes for free For instructions on how to complete the worksheet, see Worksheet A under Simplified Method, earlier. File 2007 taxes for free To complete Worksheet A, line 2, you must reduce your cost in the plan by the tax-free part of the lump-sum payment you received. File 2007 taxes for free Enter as your net cost on line 2 the amount from Worksheet B, line 5. File 2007 taxes for free Do not include the tax-free part of the lump-sum payment with other amounts recovered tax free (Worksheet A, line 6) when limiting your total exclusion to your total cost. File 2007 taxes for free Example. File 2007 taxes for free The facts are the same as in the example for David Brown in the preceding discussion. File 2007 taxes for free In addition, David received 10 annuity payments in 2013 of $1,200 each. File 2007 taxes for free Using Worksheet A, he figures the taxable part of his annuity payments. File 2007 taxes for free He completes line 2 by reducing his $31,000 cost by the $6,200 tax-free part of his lump-sum payment. File 2007 taxes for free His entry on line 2 is his $24,800 net cost in the plan (the amount from Worksheet B, line 5). File 2007 taxes for free He does not include the tax-free part of his lump-sum payment on Worksheet A, line 6. File 2007 taxes for free David's filled-in Worksheet A is shown on the next page. File 2007 taxes for free Worksheet A. File 2007 taxes for free Simplified Method for David Brown See the instructions in Part II of this publication under Simplified Method . File 2007 taxes for free 1. File 2007 taxes for free Enter the total pension or annuity payments received this year. File 2007 taxes for free Also, add this amount to the total for Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a 1. File 2007 taxes for free $ 12,000 2. File 2007 taxes for free Enter your cost in the plan at the annuity starting date, plus any death benefit exclusion*. File 2007 taxes for free See Your cost in Part II, Rules for Retirees, earlier 2. File 2007 taxes for free 24,800 Note: If your annuity starting date was before this year and you completed this worksheet last year, skip line 3 and enter the amount from line 4 of last year's worksheet on line 4 below (even if the amount of your pension or annuity has changed). File 2007 taxes for free Otherwise, go to line 3. File 2007 taxes for free   3. File 2007 taxes for free Enter the appropriate number from Table 1 below. File 2007 taxes for free But if your annuity starting date was after 1997 and the payments are for your life and that of your beneficiary, enter the appropriate number from Table 2 below. File 2007 taxes for free 3. File 2007 taxes for free 360 4. File 2007 taxes for free Divide line 2 by the number on line 3 4. File 2007 taxes for free 68. File 2007 taxes for free 89 5. File 2007 taxes for free Multiply line 4 by the number of months for which this year's payments were made. File 2007 taxes for free If your annuity starting date was before 1987, enter this amount on line 8 below and skip lines 6, 7, 10, and 11. File 2007 taxes for free Otherwise, go to line 6 5. File 2007 taxes for free 688. File 2007 taxes for free 90 6. File 2007 taxes for free Enter any amounts previously recovered tax free in years after 1986. File 2007 taxes for free This is the amount shown on line 10 of your worksheet for last year 6. File 2007 taxes for free 0 7. File 2007 taxes for free Subtract line 6 from line 2 7. File 2007 taxes for free 24,800 8. File 2007 taxes for free Enter the smaller of line 5 or line 7 8. File 2007 taxes for free 688. File 2007 taxes for free 90 9. File 2007 taxes for free Taxable amount for year. File 2007 taxes for free Subtract line 8 from line 1. File 2007 taxes for free Enter the result, but not less than zero. File 2007 taxes for free Also, add this amount to the total for Form 1040, line 16b, or Form 1040A, line 12b. File 2007 taxes for free If you are a nonresident alien, also enter this amount on line 1 of Worksheet C. File 2007 taxes for free If your Form CSA 1099R or Form CSF 1099R shows a larger amount, use the amount figured on this line instead. File 2007 taxes for free If you are a retired public safety officer, see Distributions Used To Pay Insurance Premiums for Public Safety Officers in Part II before entering an amount on your tax return or Worksheet C, line 1 9. File 2007 taxes for free $11,311. File 2007 taxes for free 10 10. File 2007 taxes for free Was your annuity starting date before 1987?   Yes. File 2007 taxes for free Do not complete the rest of this worksheet. File 2007 taxes for free    No. File 2007 taxes for free Add lines 6 and 8. File 2007 taxes for free This is the amount you have recovered tax free through 2013. File 2007 taxes for free You will need this number if you need to fill out this worksheet next year 10. File 2007 taxes for free 688. File 2007 taxes for free 90 11. File 2007 taxes for free Balance of cost to be recovered. File 2007 taxes for free Subtract line 10 from line 2. File 2007 taxes for free If zero, you will not have to complete this worksheet next year. File 2007 taxes for free The payments you receive next year will generally be fully taxable 11. File 2007 taxes for free $24,111. File 2007 taxes for free 10 Table 1 for Line 3 Above    IF your age on your annuity starting date was   AND your annuity starting date was—     before November 19, 1996,  THEN enter on line 3 after November 18, 1996,  THEN enter on line 3   55 or under 300 360   56–60 260 310   61–65 240 260   66–70 170 210   71 or over 120 160  Table 2 for Line 3 Above    IF the annuitants' combined ages on your annuity starting date were   THEN enter on line 3         110 or under   410         111–120   360         121–130   310         131–140   260         141 or over   210       * A death benefit exclusion of up to $5,000 applied to certain benefits received by survivors of employees who died before August 21, 1996. File 2007 taxes for free Reemployment after choosing the alternative annuity option. File 2007 taxes for free If you chose this option when you retired and then you were reemployed by the Federal Government before retiring again, your Form CSA 1099R may show only the amount of your contributions to your retirement plan during your reemployment. File 2007 taxes for free If the amount on the form does not include all your contributions, disregard it and use your total contributions to figure the taxable part of your annuity payments. File 2007 taxes for free Annuity starting date before November 19, 1996. File 2007 taxes for free   If your annuity starting date is before November 19, 1996, and you chose the alternative annuity option, the taxable and tax-free parts of your lump-sum payment and your annuity payments are figured using different rules. File 2007 taxes for free Under those rules, you do not reduce your cost in the plan (Worksheet A, line 2) by the tax-free part of the lump-sum payment. File 2007 taxes for free However, you must include that tax-free amount with other amounts previously recovered tax free (Worksheet A, line 6) when limiting your total exclusion to your total cost. File 2007 taxes for free Federal Gift Tax If, through the exercise or nonexercise of an election or option, you provide an annuity for your beneficiary at or after your death, you have made a gift. File 2007 taxes for free The gift may be taxable for gift tax purposes. File 2007 taxes for free The value of the gift is equal to the value of the annuity. File 2007 taxes for free Joint and survivor annuity. File 2007 taxes for free   If the gift is an interest in a joint and survivor annuity where only you and your spouse can receive payments before the death of the last spouse to die, the gift generally will qualify for the unlimited marital deduction. File 2007 taxes for free This will eliminate any gift tax liability with regard to that gift. File 2007 taxes for free   If you provide survivor annuity benefits for someone other than your current spouse, such as your former spouse, the unlimited marital deduction will not apply. File 2007 taxes for free This may result in a taxable gift. File 2007 taxes for free More information. File 2007 taxes for free   For information about the gift tax, see Publication 950, Introduction to Estate and Gift Taxes, and Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return, and its instructions. File 2007 taxes for free Retirement During the Past Year If you have recently retired, the following discussions covering annual leave, voluntary contributions, and community property may apply to you. File 2007 taxes for free Annual leave. File 2007 taxes for free   A payment for accrued annual leave received on retirement is a salary payment. File 2007 taxes for free It is taxable as wages in the tax year you receive it. File 2007 taxes for free Voluntary contributions. File 2007 taxes for free   Voluntary contributions to the retirement fund are those made in addition to the regular contributions that were deducted from your salary. File 2007 taxes for free They also include the regular contributions withheld from your salary after you have the years of service necessary for the maximum annuity allowed by law. File 2007 taxes for free Voluntary contributions are not the same as employee contributions to the Thrift Savings Plan. File 2007 taxes for free See Thrift Savings Plan , later. File 2007 taxes for free Additional annuity benefit. File 2007 taxes for free   If you choose to receive an additional annuity benefit from your voluntary contributions, it is treated separately from the annuity benefit that comes from the regular contributions deducted from your salary. File 2007 taxes for free This separate treatment applies for figuring the amounts to be excluded from, and included in, gross income. File 2007 taxes for free It does not matter that you receive only one monthly check covering both benefits. File 2007 taxes for free Each year you will receive a Form CSA 1099R that will show how much of your total annuity received in the past year was from each type of benefit. File 2007 taxes for free   Figure the taxable and tax-free parts of your additional monthly benefits from voluntary contributions using the rules that apply to regular CSRS and FERS annuities, as explained earlier. File 2007 taxes for free Refund of voluntary contributions. File 2007 taxes for free   If you choose to receive a refund of your voluntary contributions plus accrued interest, the interest is taxable to you in the tax year it is distributed unless you roll it over to a traditional IRA or another qualified retirement plan. File 2007 taxes for free If you do not have OPM transfer the interest to a traditional IRA or other qualified retirement plan in a direct rollover, tax will be withheld at a 20% rate. File 2007 taxes for free See Rollover Rules , later. File 2007 taxes for free The interest does not qualify as a lump-sum distribution eligible for capital gain treatment or the 10-year tax option. File 2007 taxes for free It also may be subject to an additional 10% tax on early distributions if you separate from service before the calendar year in which you reach age 55. File 2007 taxes for free For more information, see Lump-Sum Distributions and Tax on Early Distributions in Publication 575. File 2007 taxes for free Community property laws. File 2007 taxes for free   State community property laws apply to your annuity. File 2007 taxes for free These laws will affect your income tax only if you file a return separately from your spouse. File 2007 taxes for free   Generally, the determination of whether your annuity is separate income (taxable to you) or community income (taxable to both you and your spouse) is based on your marital status and domicile when you were working. File 2007 taxes for free Regardless of whether you are now living in a community property state or a noncommunity property state, your current annuity may be community income if it is based on services you performed while married and domiciled in a community property state. File 2007 taxes for free   At any time, you have only one domicile even though you may have more than one home. File 2007 taxes for free Your domicile is your fixed and permanent legal home that you intend to use for an indefinite or unlimited period, and to which, when absent, you intend to return. File 2007 taxes for free The question of your domicile is mainly a matter of your intentions as indicated by your actions. File 2007 taxes for free   If your annuity is a mixture of community income and separate income, you must divide it between the two kinds of income. File 2007 taxes for free The division is based on your periods of service and domicile in community and noncommunity property states while you were married. File 2007 taxes for free   For more information, see Publication 555, Community Property. File 2007 taxes for free Reemployment After Retirement If you retired from federal service and are later rehired by the Federal Government as an employee, you can continue to receive your annuity during reemployment. File 2007 taxes for free The employing agency usually will pay you the difference between your salary for your period of reemployment and your annuity. File 2007 taxes for free This amount is taxable as wages. File 2007 taxes for free Your annuity will continue to be taxed just as it was before. File 2007 taxes for free If you are still recovering your cost, you continue to do so. File 2007 taxes for free If you have recovered your cost, the annuity you receive while you are reemployed generally is fully taxable. File 2007 taxes for free Nonresident Aliens The following special rules apply to nonresident alien federal employees performing services outside the United States and to nonresident alien retirees and beneficiaries. File 2007 taxes for free A nonresident alien is an individual who is not a citizen or a resident alien of the United States. File 2007 taxes for free Special rule for figuring your total contributions. File 2007 taxes for free   Your contributions to the retirement plan (your cost) also include the government's contributions to the plan to a certain extent. File 2007 taxes for free You include government contributions that would not have been taxable to you at the time they were contributed if they had been paid directly to you. File 2007 taxes for free For example, government contributions would not have been taxable to you if, at the time made, your services were performed outside the United States. File 2007 taxes for free Thus, your cost is increased by these government contributions and the benefits that you, or your beneficiary, must include in income are reduced. File 2007 taxes for free   This method of figuring your total contributions does not apply to any contributions the government made on your behalf after you became a citizen or a resident alien of the United States. File 2007 taxes for free Limit on taxable amount. File 2007 taxes for free   There is a limit on the taxable amount of payments received from the CSRS, the FERS, or the TSP by a nonresident alien retiree or nonresident alien beneficiary. File 2007 taxes for free Figure this limited taxable amount by multiplying the otherwise taxable amount by a fraction. File 2007 taxes for free The numerator of the fraction is the retiree's total U. File 2007 taxes for free S. File 2007 taxes for free Government basic pay, other than tax-exempt pay for services performed outside the United States. File 2007 taxes for free The denominator is the retiree's total U. File 2007 taxes for free S. File 2007 taxes for free Government basic pay for all services. File 2007 taxes for free    Basic pay includes regular pay plus any standby differential. File 2007 taxes for free It does not include bonuses, overtime pay, certain retroactive pay, uniform or other allowances, or lump-sum leave payments. File 2007 taxes for free   To figure the limited taxable amount of your CSRS or FERS annuity or your TSP distributions, use Worksheet C. File 2007 taxes for free (For an annuity, first complete Worksheet A in this publication. File 2007 taxes for free ) Worksheet C. File 2007 taxes for free Limited Taxable Amount for Nonresident Alien 1. File 2007 taxes for free Enter the otherwise taxable amount of the CSRS or FERS annuity (from line 9 of Worksheet A or from Forms CSA 1099R or CSF 1099R) or TSP distributions (from Form 1099R) 1. File 2007 taxes for free   2. File 2007 taxes for free Enter the total U. File 2007 taxes for free S. File 2007 taxes for free Government basic pay other than tax-exempt pay for services performed outside the United States 2. File 2007 taxes for free   3. File 2007 taxes for free Enter the total U. File 2007 taxes for free S. File 2007 taxes for free Government basic pay for all services 3. File 2007 taxes for free   4. File 2007 taxes for free Divide line 2 by line 3 4. File 2007 taxes for free   5. File 2007 taxes for free Limited taxable amount. File 2007 taxes for free Multiply line 1 by line 4. File 2007 taxes for free Enter this amount on Form 1040NR, line 17b 5. File 2007 taxes for free   Example 1. File 2007 taxes for free You are a nonresident alien who performed all services for the U. File 2007 taxes for free S. File 2007 taxes for free Government abroad as a nonresident alien. File 2007 taxes for free You retired and began to receive a monthly annuity of $200. File 2007 taxes for free Your total basic pay for all services for the U. File 2007 taxes for free S. File 2007 taxes for free Government was $100,000. File 2007 taxes for free All of your basic pay was tax exempt because it was not U. File 2007 taxes for free S. File 2007 taxes for free source income. File 2007 taxes for free The taxable amount of your annuity using Worksheet A in this publication is $720. File 2007 taxes for free You are a nonresident alien, so you figure the limited taxable amount of your annuity using Worksheet C as follows. File 2007 taxes for free Worksheet C. File 2007 taxes for free Limited Taxable Amount for Nonresident Alien — Example 1 1. File 2007 taxes for free Enter the otherwise taxable amount of the CSRS or FERS annuity (from line 9 of Worksheet A or from Forms CSA 1099R or CSF 1099R) or TSP distributions (from Form 1099R) 1. File 2007 taxes for free $ 720 2. File 2007 taxes for free Enter the total U. File 2007 taxes for free S. File 2007 taxes for free Government basic pay other than tax-exempt pay for services performed outside the United States 2. File 2007 taxes for free 0 3. File 2007 taxes for free Enter the total U. File 2007 taxes for free S. File 2007 taxes for free Government basic pay for all services 3. File 2007 taxes for free 100,000 4. File 2007 taxes for free Divide line 2 by line 3 4. File 2007 taxes for free 0 5. File 2007 taxes for free Limited taxable amount. File 2007 taxes for free Multiply line 1 by line 4. File 2007 taxes for free Enter this amount on Form 1040NR, line 17b 5. File 2007 taxes for free 0 Example 2. File 2007 taxes for free You are a nonresident alien who performed services for the U. File 2007 taxes for free S. File 2007 taxes for free Government as a nonresident alien both within the United States and abroad. File 2007 taxes for free You retired and began to receive a monthly annuity of $240. File 2007 taxes for free Your total basic pay for your services for the U. File 2007 taxes for free S. File 2007 taxes for free Government was $120,000; $40,000 was for work done in the United States and $80,000 was for your work done in a foreign country. File 2007 taxes for free The part of your total basic pay for your work done in a foreign country was tax exempt because it was not U. File 2007 taxes for free S. File 2007 taxes for free source income. File 2007 taxes for free The taxable amount of your annuity figured using Worksheet A in this publication is $1,980. File 2007 taxes for free You are a nonresident alien, so you figure the limited taxable amount of your annuity using Worksheet C as follows. File 2007 taxes for free Worksheet C. File 2007 taxes for free Limited Taxable Amount for Nonresident Alien — Example 2 1. File 2007 taxes for free Enter the otherwise taxable amount of the CSRS or FERS annuity (from line 9 of Worksheet A or from Forms CSA 1099R or CSF 1099R) or TSP distributions (from Form 1099R) 1. File 2007 taxes for free $ 1,980 2. File 2007 taxes for free Enter the total U. File 2007 taxes for free S. File 2007 taxes for free Government basic pay other than tax-exempt pay for services performed outside the United States 2. File 2007 taxes for free 40,000 3. File 2007 taxes for free Enter the total U. File 2007 taxes for free S. File 2007 taxes for free Government basic pay for all services 3. File 2007 taxes for free 120,000 4. File 2007 taxes for free Divide line 2 by line 3 4. File 2007 taxes for free . File 2007 taxes for free 333 5. File 2007 taxes for free Limited taxable amount. File 2007 taxes for free Multiply line 1 by line 4. File 2007 taxes for free Enter this amount on Form 1040NR, line 17b 5. File 2007 taxes for free 659 Thrift Savings Plan Generally, all of the money in your TSP account is taxed as ordinary income when you receive it. File 2007 taxes for free (However, see Roth TSP balance and Uniformed services TSP accounts, next. File 2007 taxes for free ) This is because neither the contributions to your traditional TSP balance nor its earnings have been included previously in your taxable income. File 2007 taxes for free The way that you withdraw your account balance determines when you must pay the tax. File 2007 taxes for free Roth TSP balance. File 2007 taxes for free   The TSP also offers a Roth TSP option, which allows you to make after-tax contributions into your TSP account. File 2007 taxes for free This means Roth TSP contributions are included in your income. File 2007 taxes for free The contribution limits are the same as the traditional TSP. File 2007 taxes for free You can elect to have part or all of your TSP contributions designated as a Roth TSP. File 2007 taxes for free Agency contributions will be part of your traditional TSP balance. File 2007 taxes for free Also, you cannot roll over any portion of your traditional TSP into your Roth TSP. File 2007 taxes for free   Qualified distributions from your Roth TSP are not included in income. File 2007 taxes for free This applies to both your cost in the account and income earned on that account. File 2007 taxes for free A qualified distribution is generally a distribution that is: Made after a 5-tax-year period of participation, and Made on or after the date you reach age 59½, made to a beneficiary or your estate on or after your death, or attributable to your being disabled. File 2007 taxes for free   For more information, go to the TSP website, www. File 2007 taxes for free tsp. File 2007 taxes for free gov, or the TSP Service Office. File 2007 taxes for free See Publication 575, Pension and Annuity Income, for more information about designated Roth accounts. File 2007 taxes for free Uniformed services TSP accounts. File 2007 taxes for free   If you have a uniformed services TSP account that includes contributions from combat zone pay, the distributions attributable to those contributions are tax exempt. File 2007 taxes for free However, any earnings on those contributions to a traditional TSP balance are subject to tax when they are distributed. File 2007 taxes for free See Roth TSP balance discussed previously to get more information about Roth contributions. File 2007 taxes for free The statement you receive from the TSP will separately state the total amount of your distribution and the amount of your taxable distribution for the year. File 2007 taxes for free You can get more information from the TSP website, www. File 2007 taxes for free tsp. File 2007 taxes for free gov, or the TSP Service Office. File 2007 taxes for free Direct rollover by the TSP. File 2007 taxes for free   If you ask the TSP to transfer any part of the money in your account, from traditional contributions and its earnings, to a traditional IRA or other qualified retirement plan, the tax on that part is deferred until you receive payments from the traditional IRA or other plan. File 2007 taxes for free However, see the following Note for a discussion on direct rollovers by the TSP of Roth contributions and its earnings. File 2007 taxes for free Also, see Rollover Rules , later. File 2007 taxes for free Direct rollover by the TSP to a Roth IRA. File 2007 taxes for free   If you ask the TSP to transfer any part of the money in your account, from traditional contributions and its earnings, to a Roth IRA, the amount transferred will be taxed in the current year. File 2007 taxes for free However, see the following Note for a discussion on direct rollovers by the TSP of Roth contributions and its earnings. File 2007 taxes for free Also, see Rollovers to Roth IRAs for more information, later. File 2007 taxes for free Note. File 2007 taxes for free A direct rollover of your Roth contributions and its earnings (if certain conditions are met, see Roth TSP balance , earlier) in your TSP account to a Roth 401(k), Roth 403(b), Roth 457(b), or Roth IRA are not subject to tax when they are transferred or when you receive payments from those accounts at a later date. File 2007 taxes for free This is because you already paid tax on those contributions. File 2007 taxes for free You cannot rollover Roth contributions and its earnings in your TSP account to a traditional IRA. File 2007 taxes for free TSP annuity. File 2007 taxes for free   If you ask the TSP to buy an annuity with the money in your account, from traditional contributions and its earnings, the annuity payments are taxed when you receive them. File 2007 taxes for free The payments are not subject to the additional 10% tax on early distributions, even if you are under age 55 when they begin. File 2007 taxes for free However, there is no tax on the annuity payments if the annuity is purchased using the money in your account from Roth contributions and its earnings if certain conditions are met. File 2007 taxes for free See Roth TSP balance , earlier. File 2007 taxes for free This is because you already paid tax on those contributions. File 2007 taxes for free Cash withdrawals. File 2007 taxes for free   If you withdraw any of the money in your TSP account, from traditional contributions and its earnings, it is generally taxed as ordinary income when you receive it unless you roll it over into a traditional IRA or other qualified plan. File 2007 taxes for free (See Rollover Rules , later. File 2007 taxes for free ) If you receive your entire TSP account balance in a single tax year, you may be able to use the 10-year tax option to figure your tax. File 2007 taxes for free See Lump-Sum Distributions in Publication 575 for details. File 2007 taxes for free However, there is no tax if you withdraw money in your TSP account from Roth contributions and its earnings if certain conditions are met. File 2007 taxes for free See Roth TSP balance , earlier. File 2007 taxes for free    To qualify for the 10-year tax option, the plan participant must have been born before January 2, 1936. File 2007 taxes for free   If you receive a single payment or you choose to receive your account balance in monthly payments over a period of less than 10 years, the TSP generally must withhold 20% for federal income tax. File 2007 taxes for free If you choose to receive your account balance in monthly payments over a period of 10 or more years or a period based on your life expectancy, the payments are subject to withholding as if you are married with three withholding allowances, unless you submit a withholding certificate. File 2007 taxes for free See also Withholding from Thrift Savings Plan payments earlier under Tax Withholding and Estimated Tax in Part I. File 2007 taxes for free However, there is no withholding requirement for amounts withdrawn from your TSP account that is from Roth contributions and its earnings, if certain conditions are met. File 2007 taxes for free See Roth TSP balance , earlier, for a discussion of those conditions. File 2007 taxes for free Tax on early distributions. File 2007 taxes for free   Any money paid to you from your TSP account before you reach age 59½ may be subject to an additional 10% tax on early distributions. File 2007 taxes for free However, this additional tax does not apply in certain situations, including any of the following. File 2007 taxes for free You receive the distribution and separate from government service during or after the calendar year in which you reach age 55. File 2007 taxes for free You choose to receive your account balance in monthly payments based on your life expectancy. File 2007 taxes for free You are totally and permanently disabled. File 2007 taxes for free You receive amounts from your Roth contributions since that represents a return of your cost (after-tax money). File 2007 taxes for free The earnings may be subject to the 10% tax depending on whether you met certain conditions. File 2007 taxes for free See Roth TSP balance , earlier. File 2007 taxes for free   For more information, see Tax on Early Distributions in Publication 575. File 2007 taxes for free Outstanding loan. File 2007 taxes for free   If the TSP declares a distribution from your account because money you borrowed has not been repaid when you separate from government service, your account is reduced and the amount of the distribution (your unpaid loan balance and any unpaid interest), from traditional contributions and its earnings, is taxed in the year declared. File 2007 taxes for free The distribution also may be subject to the additional 10% tax on early distributions. File 2007 taxes for free However, the tax will be deferred if you make a rollover contribution to a traditional IRA or other qualified plan equal to the declared distribution amount. File 2007 taxes for free See Rollover Rules , later. File 2007 taxes for free   If you withdraw any money from your TSP account in that same year, the TSP must withhold income tax of 20% of the total of the declared distribution and the amount withdrawn. File 2007 taxes for free However, no withholding is required for portions of the distribution that is from Roth contributions and its earnings, if certain conditions are met. File 2007 taxes for free See Roth TSP balance , earlier. File 2007 taxes for free More information. File 2007 taxes for free   For more information about the TSP, see Summary of the Thrift Savings Plan, distributed to all federal employees. File 2007 taxes for free Also, see Important Tax Information About Payments From Your TSP Account and Special Tax Withholding Rules for Thrift Savings Plan Payments to Nonresident Aliens, which are available from your agency personnel office or from the TSP by calling 1-TSP-YOU-FIRST (1-877-968-3778) and for participants who are deaf, hard of hearing, or have a speech disability, call 1-TSP-THRIFT5 (1-877-847-4385). File 2007 taxes for free    The above documents are also available on the TSP website at www. File 2007 taxes for free tsp. File 2007 taxes for free gov. File 2007 taxes for free Select “Forms & Publications. File 2007 taxes for free ” Rollover Rules Generally, a rollover is a tax-free withdrawal of cash or other assets from one qualified retirement plan or traditional IRA and its reinvestment in another qualified retirement plan or traditional IRA. File 2007 taxes for free You do not include the amount rolled over in your income, and you cannot take a deduction for it. File 2007 taxes for free The amount rolled over is taxed later as the new program pays that amount to you. File 2007 taxes for free If you roll over amounts into a traditional IRA, later distributions of these amounts from the traditional IRA do not qualify for the capital gain or the 10-year tax option. File 2007 taxes for free However, capital gain treatment or the 10-year tax option will be restored if the traditional IRA contains only amounts rolled over from a qualified plan and these amounts are rolled over from the traditional IRA into a qualified retirement plan. File 2007 taxes for free To qualify for the capital gain treatment or 10-year tax option, the plan participant must have been born before January 2, 1936. File 2007 taxes for free You can also roll over a distribution from a qualified retirement plan into a Roth IRA. File 2007 taxes for free Although the transfer of a distribution into a Roth IRA is considered a rollover for Roth IRA purposes, it is not a tax-free transfer unless you are rolling over amounts from Roth contributions and its earnings. File 2007 taxes for free See Rollovers to Roth IRAs , later, for more information. File 2007 taxes for free Qualified retirement plan. File 2007 taxes for free   For this purpose, a qualified retirement plan generally is: A qualified employee plan, A qualified employee annuity, A tax-sheltered annuity plan (403(b) plan), or An eligible state or local government section 457 deferred compensation plan. File 2007 taxes for free The CSRS, FERS, and TSP are considered qualified retirement plans. File 2007 taxes for free Distributions eligible for rollover treatment. File 2007 taxes for free   If you receive a refund of your CSRS or FERS contributions when you leave government service, you can roll over any interest you receive on the contributions. File 2007 taxes for free You cannot roll over any part of your CSRS or FERS annuity payments. File 2007 taxes for free   You can roll over a distribution of any part of your TSP account balance except: A distribution of your account balance that you choose to receive in monthly payments over: Your life expectancy, The joint life expectancies of you and your beneficiary, or A period of 10 years or more, A required minimum distribution generally beginning at age 70½, A declared distribution because of an unrepaid loan, if you have not separated from government service (see Outstanding loan under Thrift Savings Plan, earlier), or A hardship distribution. File 2007 taxes for free   In addition, a distribution to your beneficiary generally is not treated as an eligible rollover distribution. File 2007 taxes for free However, see Qualified domestic relations order (QDRO) and Rollovers by surviving spouse , and Rollovers by nonspouse beneficiary , later. File 2007 taxes for free Direct rollover option. File 2007 taxes for free   You can choose to have the OPM or TSP transfer any part of an eligible rollover distribution directly to another qualified retirement plan that accepts rollover distributions or to a traditional IRA or Roth IRA. File 2007 taxes for free   There is an automatic rollover requirement for mandatory distributions. File 2007 taxes for free A mandatory distribution is a distribution made without your consent and before you reach age 62 or normal retirement age, whichever is later. File 2007 taxes for free The automatic rollover requirement applies if the distribution is more than $1,000 and is an eligible rollover distribution. File 2007 taxes for free You can choose to have the distribution paid directly to you or rolled over directly to your traditional or Roth IRA or another qualified retirement plan. File 2007 taxes for free If you do not make this choice, OPM will automatically roll over the distribution into an IRA of a designated trustee or issuer. File 2007 taxes for free No tax withheld. File 2007 taxes for free   If you choose the direct rollover option or have an automatic rollover, no tax will be withheld from any part of the distribution that is directly paid to the trustee of the other plan. File 2007 taxes for free However, if the rollover is to a Roth IRA, you may want to choose to have tax withheld since any amount rolled over is generally included in income. File 2007 taxes for free Any part of the eligible rollover distribution paid to you is subject to withholding at a 20% rate. File 2007 taxes for free Direct roll over amounts from Roth contributions and its earnings do not have tax withheld because you already paid tax on those amounts. File 2007 taxes for free Payment to you option. File 2007 taxes for free   If an eligible rollover distribution is paid to you, the OPM or TSP must withhold 20% for income tax even if you plan to roll over the distribution to another qualified retirement plan, traditional or Roth IRA. File 2007 taxes for free However, the full amount is treated as distributed to you even though you actually receive only 80%. File 2007 taxes for free You generally must include in income any part (including the part withheld) that you do not roll over within 60 days to another qualified retirement plan or to a traditional IRA. File 2007 taxes for free Rollovers to Roth IRAs are generally included in income. File 2007 taxes for free Eligible rollover distributions that are from Roth contributions do not have tax withheld because you already paid tax on those amounts. File 2007 taxes for free If you leave government service before the calendar year in which you reach age 55 and are under age 59½ when a distribution is paid to you, you may have to pay an additional 10% tax on any part, including any tax withheld, that you do not roll over. File 2007 taxes for free However, distributions from Roth contributions will not be subject to the 10% additional tax because it is a return of your cost (after-tax money). File 2007 taxes for free Earnings from those contributions may be subject to the 10% additional tax if certain conditions are not met. File 2007 taxes for free See Roth TSP balance , earlier. File 2007 taxes for free Also, see Tax on Early Distributions in Publication 575. File 2007 taxes for free Exception to withholding. File 2007 taxes for free   Withholding from an eligible rollover distribution paid to you is not required if the distributions for your tax year total less than $200. File 2007 taxes for free Partial rollovers. File 2007 taxes for free   A lump-sum distribution may qualify for capital gain treatment or the 10-year tax option if the plan participant was born before January 2, 1936. File 2007 taxes for free See Lump-Sum Distributions in Publication 575. File 2007 taxes for free However, if you roll over any part of the distribution, the part you keep does not qualify for this special tax treatment. File 2007 taxes for free Rolling over more than amount received. File 2007 taxes for free   If you want to roll over more of an eligible rollover distribution than the amount you received after income tax was withheld, you will have to add funds from some other source (such as your savings or borrowed amounts). File 2007 taxes for free Example. File 2007 taxes for free You left government service at age 53. File 2007 taxes for free On February 1, 2013, you receive an eligible rollover distribution of $10,000 from you
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The File 2007 Taxes For Free

File 2007 taxes for free Index A Accounting methods, Accounting Methods Accrual method, Accrual method. File 2007 taxes for free Change in accounting method Section 481(a) adjustment. File 2007 taxes for free , Change in accounting method. File 2007 taxes for free Mark-to-market accounting method, Mark-to-market accounting method. File 2007 taxes for free Nonaccrual experience method, Nonaccrual experience method. File 2007 taxes for free Percentage of completion method, Percentage of completion method. File 2007 taxes for free Accounting periods, Accounting Periods Accumulated earnings tax, Accumulated Earnings Tax Alternative minimum tax (AMT), Alternative Minimum Tax (AMT) At-risk limits, At-Risk Limits B Backup withholding, Backup withholding. File 2007 taxes for free Below-market loans, Below-Market Loans C Capital contributions, Capital Contributions Capital losses, Capital Losses Charitable contributions, Charitable Contributions Closely held corporation: At-risk limits, Closely held corporation. File 2007 taxes for free Closely held corporations:, Closely held corporations. File 2007 taxes for free Comments, Comments and suggestions. File 2007 taxes for free Corporate preference items, Corporate Preference Items Corporations, businesses taxed as, Businesses Taxed as Corporations Credits, Credits Credits: Foreign tax, Credits General business credit, Credits Prior year minimum tax, Credits D Distributions: Money or property. File 2007 taxes for free , Money or Property Distributions Other, Constructive Distributions Reporting, Reporting Dividends and Other Distributions Stock or stock rights, Distributions of Stock or Stock Rights To shareholders, Distributions to Shareholders Dividends-received deduction, Dividends-Received Deduction E EFTPS, Electronic Federal Tax Payment System, Electronic Federal Tax Payment System (EFTPS). File 2007 taxes for free Electronic filing, Electronic filing. File 2007 taxes for free Energy-efficient commercial building property deduction, Energy-Efficient Commercial Building Property Deduction Estimated tax, Estimated Tax Extraordinary dividends, Extraordinary Dividends F Figuring: NOL carryovers, Figuring the NOL Carryover Tax, Figuring Tax Foreign tax credit, Credits Form: 1096, Form 1099-DIV. File 2007 taxes for free 1099–DIV, Form 1099-DIV. File 2007 taxes for free 1118, Credits 1120, Which form to file. File 2007 taxes for free 1120-W, How to figure each required installment. File 2007 taxes for free 1120X, Refunds. File 2007 taxes for free , NOL carryback. File 2007 taxes for free 1138, Carryback expected. File 2007 taxes for free 1139, Refunds. File 2007 taxes for free , NOL carryback. File 2007 taxes for free 2220, Form 2220. File 2007 taxes for free 3800, Credits, Recapture Taxes 4255, Recapture Taxes 4626, Form 4626. File 2007 taxes for free 5452, Form 5452. File 2007 taxes for free 7004, Extension of time to file. File 2007 taxes for free 8611, Recapture Taxes 8827, Credits 8832, Business formed after 1996. File 2007 taxes for free 8834, Recapture Taxes 8845, Recapture Taxes 8874, Recapture Taxes 8882, Recapture Taxes 8912, Credits G Going into business, Costs of Going Into Business I Income tax returns, Income Tax Return L Loans, below-market, Below-Market Loans M Minimum tax credit, Credits N Net operating losses, Net Operating Losses Nontaxable exchange of property for stock, Property Exchanged for Stock P Paid-in capital, Paid-in capital. File 2007 taxes for free Passive activity limits, Passive Activity Limits Paying estimated tax, How to pay estimated tax. File 2007 taxes for free Penalties Other, Other penalties. File 2007 taxes for free Trust fund recovery, Trust fund recovery penalty. File 2007 taxes for free Penalties: Estimated tax, Underpayment penalty. File 2007 taxes for free Late filing of return, Late filing of return. File 2007 taxes for free Late payment of tax, Late payment of tax. File 2007 taxes for free Personal service corporation: Figuring tax, Qualified personal service corporation. File 2007 taxes for free Personal service corporations:, Personal service corporations. File 2007 taxes for free Preference items, Corporate Preference Items Q Qualified refinery property, election to expense, Election to Expense Qualified Refinery Property Qualifying shipping activities, income from, Income From Qualifying Shipping Activities R Recapture taxes: Childcare facilities and services credit , Recapture Taxes Indian employment credit, Recapture Taxes Investment credit, Recapture Taxes Low-income housing credit, Recapture Taxes New markets credit, Recapture Taxes Qualified plug-in electric and electric vehicle credit, Recapture Taxes Recordkeeping, Recordkeeping Related persons, Related Persons Retained earnings, Accumulated Earnings Tax S Suggestions, Comments and suggestions. File 2007 taxes for free T Tax help, How To Get Tax Help Tax rate schedule, Tax Rate Schedule Tax, figuring, Figuring Tax Taxpayer Advocate, Contacting your Taxpayer Advocate. File 2007 taxes for free TTY/TDD information, How To Get Tax Help Prev  Up     Home   More Online Publications