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By Reg Jones

COLA reduction, tax increase

March 2nd, 2011 | COLA PAY

Q: What were you thinking? No COLA for two years, now a tax increase, causing my check to be $38 less. I am barely surviving. Do something. This is no way to repay veterans, or their widows, for their service.

A: You’ve come to the wrong place to point the finger of blame. The fact that no cost-of-living adjustments are being made on retiree annuities is a product of the same law that routinely gave you COLAs in the past. When the economy tanked, the index on which they are computed fell below zero. Just be thankful that this same law protected you from having your annuity reduced. As for the increase in federal tax deductions from your annuity, the answer is simple. The “Making Work Pay” credit expired Dec. 31. The IRS issued a notice in December saying withholding tables for 2011 would no longer be adjusted for the Making Work Pay tax credit and there is no longer an optional additional withholding adjustment for pensions.

Tags: annuity, military service, retired

FedLine Home | Permalink | March 2nd, 2011

Comments

Amos Davis Jr Says:
April 2nd, 2011 at 8:55 pm
The veterans disability compensation has not or will not be reduced due a law Congress codified. The compensation rate will remain at the 2008 level until the Consumer Price Index (CPI) shows a rate of inflation above 0-percent. Veterans disability COLAs, by law, match what the Social Security Administration’s COLA is.

All FERS annuitants are affected by the extra tax deduction. Hopefully, you may be able receive a refund at the end of the year if you have enough write-offs.