Home
230kbBenefit Amount Changed?
The Internal Revenue Service recently announced the expiration of the Making Work Pay Credit and some other provisions of the 2009 American Recovery and Reinvestment Act. Your benefit may have decreased as a result of this change.
The Making Work Pay Credit provided a tax stimulus for wage earners. Although the credit did not apply to retirement income or unearned income, this resulted in a reduction in the federal tax withholding for a majority of retirees, effective with the May 1, 2009 payment. The recent expiration of the credit means your federal tax withholding may have increased, creating a decrease in your benefit payment beginning with the February 1, 2011 payment.
More information
Call the Internal Revenue Service toll free at 1-800-829-1040 or visit www.irs.gov.
Other reasons your benefit payment may have changed:
- The Virginia Department of Taxation increased personal and dependent exemptions.
- The State Retiree Medicare-eligible health insurance premiums (Advantage 65) decreased, except for the Medical Only Plan.
1099-R and W-2 for 2010 available in myVRS
Look up your 1099-R and W-2 for 2010 through your myVRS online account. Log-in or create a secure online retiree account. See also How to Read Your 1099-R.
