Nearly Three Dozen Tax Breaks To End In 2009 And 2010

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By MyFederalRetirement
Posted: 10-20-2009


October 19, 2009

There are several tax credits for individuals that are scheduled to end in 2009 and 2010.

The following list gives an overview of a few of the provisions scheduled to expire between November 2009 and December 2010 that are of particular interest to federal employees and retirees. (To see the larger list provided by Thomson Reuters,
click here).

Retirement Plans and IRAs

- Waiver of 2009 minimum required distribution rules for IRAs and defined contribution plans (such as the Thrift Savings Plan). (expires on 12/31/2009)

- Tax-free treatment of qualified charitable distributions from IRAs for individuals age 70? or older. (expires on 12/31/2009)

Tax Credits

- Refundable credit of $250 ($500 for those married and filing jointly where both spouses are eligible individuals) for federal government retirees who are not covered by Social Security and weren't eligible to receive an economic recovery payment. (expires on 12/31/2009). For questions regarding this, please contact the Social Security Administration at: Social Security Online - One-Time Economic Recovery Payments Information Page

Posted with Permission from: MyFederalRetirement.com