Federal annuitants receive their updated Annuity Statement, with the COLA increase added, early January. Our 1099R Tax Forms typically aren’t available until the end of January by regular mail. Registered users of OPM’s Retirement Services Website [2] can download their Annuity Statement and 1099R forms NOW!
This document provides annuity and benefit information [4] for you and your family. It includes the annuitant’s Claim number, the amount withheld for each item deducted from your annuity payment, and your gross and net payment. It specifies the monthly survivor annuity currently payable in the event of the annuitant’s death and includes an annual Notice of Survivor Annuity Election Rights. You will also find OPM contact information.
Instructions are included for making benefit elections such as how to apply for a survivor election for a spouse you marry after retirement, survivor annuity elections for a former spouse, and others.
I keep the most current Notice of Annuity Adjustment in my retirement folder and include a copy in our estate binder along with OPM’s annuity and FEGLI insurance verification forms that OPM sends out upon request. You can also download these forms from OPM’s site. This is an important document and should be readily available if you or your survivor need to contact OPM or require benefit clarifications.
You must be registered to use OPM’s Retirement Services Website. If you aren’t registered read the article titled “Connect to OPM’s Online Services” [6] to understand the registration process and sign up. It doesn’t take long, however, you may have to wait for your password to be sent via regular US mail and that can take several weeks.
SUMMARY
Many banks and brokerage house’s 1099 and DIV reports are also available online for download early. Treasury Direct doesn’t send out print copies. You must download your Treasury’s OID and 1099 INT statements from your online account. They are typically available early January. If you have complex investments, your brokerage 1099 statements could be delayed until mid-March or later.
I’ve used TurboTax software for decades. It’s intuitive and walks you through the entire process, double checks your work, and they allow you to file online. This software can also download and integrate your brokerage account’s 1099 forms for your tax return, saving considerable data entry time.
There are a number of free online filing services available through the IRS and several of the tax preparation services. The IRS allows you to file online at no cost [7] if your annual income is less than $72,000. You will have to file your State taxes separately.
Take advantage of OPM’s Online Services to download your 1099R early, obtain a lost 1099R, or find other important retirement forms and reports.
Helpful Retirement Planning Tools
Federal employees considering leaving for greener pastures should explore all options. Should you stay or should you go? Leaving federal service for the private sector [8].
- Retirement Planning for Federal Employees & Annuitants [9]
- The Ultimate Retirement Planning Guide – Start Now [10]
- Medicare Guide [11]
- Medicare and FEHB Options – What Will You Do When You Turn 65? [12] (Part 1)
- Budget Work Sheet [13]
- Social Security Guide [14]
Disclaimer: The information provided may not cover all aspect of unique or special circumstances, federal regulations, medical procedures, and benefit information are subject to change. To ensure the accuracy of this information, contact relevant parties for assistance including OPM’s retirement center. Over time, various dynamic economic factors relied upon as a basis for this article may change. The advice and strategies contained herein may not be suitable for your situation and this service is not affiliated with OPM or any federal entity. You should consult with a financial, medical or human resource professional where appropriate. Neither the publisher or author shall be liable for any loss or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.
Last 5 posts by Dennis Damp
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