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It just occurred to me what to do with the money that I may have to give back. I'm putting it in my tsp. If I have to pay it back, I have some options. I can reduce my tsp witholding back to the minimum 5% that gets the 5% matching funds to offset the extra money they take out next year. Edited by user Tuesday, September 1, 2020 1:01:02 PM(UTC)
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Originally Posted by: mallen  It just occurred to me what to do with the money that I may have to give back. I'm putting it in my tsp. If I have to pay it back, I have some options. I can reduce my tsp witholding back to the minimum 5% that gets the 5% matching funds to offset the extra money they take out next year. You could. Just keep in mind that will in turn increase your taxable income and, consequently, your federal and (if applicable) state tax bill for 2021.
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Yes, most likely scenario is, maybe a little, maybe a lot, maybe we can minimize it but we still get screwed. That's why many private sector employers are just ignoring it. Edited by user Wednesday, September 2, 2020 8:40:24 AM(UTC)
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Yes, my wife and nobody I know, has implemented the tax deferral. It's a very unwise move, as we're already employed full-time and salaries are the same. This deferral has given me an extra $300 last paycheck, which is scary in that I'll be negative -$600/month starting in Jan.
I've been putting the extra money into stocks, hoping to at least make the most of it. I have 0% confidence that this will become "permanent cut".
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"I have 0% confidence that this will become "permanent cut".
Why would you want the tax that funds Social Security and Medicare to be cut permanently? There has been nothing suggested that would replace it. You might want to prepare instead for the possibility that there might not be any salary increase in January - or that there will be no short term extension.
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Joined: 3/21/2019(UTC) Posts: 21 Was thanked: 2 time(s) in 2 post(s)
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I didn't agree this was, in any way, a smart move to cut a critical program such as Social Security. Would it be nice to not pay back the $600/month loss?! Absolutely.
Of course, any cut would not be forward thinking, but then again spending $7Trillion in the past months has destroyed us, needed or not. I won't get into any politics.
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