2021 Personal Compensation Worksheets

New cost-of-living tables are released each year in January.  There will be some changes in the field COLAs for 2021, but there are several areas where the COLA may remain the same.

The IRS has declared a 1.3% increase in the US cost-of-living for 2021.  The yearly baseline compensation amount will increase to $29,144 for a couple and $21,858 for a single.

We will be making one other change in 2021. Currently the PCW adds $125 for each year of service.  Beginning in January, that amount will be increased to $130 for each year of service.

1099 Forms for 2021

The 1099 forms for 2021 will be completed no later than January 31, 2021. Please be patient as it takes time to complete the process of preparing the 1099 information. If applicable, please be sure we have your correct tax preparer information.

1. If we have a tax preparer on file for you, a copy of the 1099 information will be sent to your tax preparer and a copy will also be sent to you.  Your copy will be included in the first mail packet sent after the 1099s are completed.
2. If we do not have a tax preparer on file for you, your 1099 information will be mailed to you via First Class no later than January 31, 2021.