Does TSP give 1099-R?

The Thrift Savings Plan (TSP) recently announced that it has mailed to TSP participants IRS Form 1099-R (Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.) for the year 2020.

How do I get my TSP tax forms?

TSP publications are available at or by calling the TSP toll free at 1-877-968-3778 (TDD: 1-877-847-4385). Outside the U.S. and Canada, please call 404-233-4400 (not toll free). You can also send a fax to 1-866-817-5023 or write to the TSP at the address found on

Do I need to report TSP on taxes?

No, you should not include your TSP contributions separately on your tax return. At the end of the year, when you receive your W-2 form that shows your earnings, you will notice that your wages subject to federal income (box 1) tax are lower because of your TSP plan contributions (box 12).

How do I report TSP withdrawal on my taxes?

Report the entire TSP distribution as a non-taxable pension and annuity distribution on line 16a of Form 1040 if any of the distribution is non-taxable. The total amount of your TSP distribution is found in box 1 of your Form 1099-R. If all of the distribution is taxable, do not report any amount on line 16a.

Are TSP withdrawals considered income?

A. TSP withdrawals are not considered earned income.

Do you pay state taxes on TSP withdrawal?

The TSP does not withhold for state or local income tax. However, on IRS Form 1099-R, we do report all TSP distributions to the taxpayer’s state of residence at the time of the payment (if that state has an income tax). The taxpayer may need to pay state and local income tax on the payment.

Is TSP withdrawal considered income?

The general rules regarding the federal income taxation of withdrawals from the Thrift Savings plan are: A) All withdrawals from your traditional TSP balance are fully taxable as ordinary income; B) All qualified withdrawals from your Roth TSP balance are free from federal income tax; and C) In any non-qualified …

What percentage of TSP is taxed?

The TSP is required to withhold 20% of your payment for federal income taxes. This means that in order to roll over your entire payment, you must use other funds to make up for the 20% withheld.

Does TSP withdrawal count as income?

Are TSP withdrawals subject to Social Security tax?

Federal taxes are paid upon withdrawal of TSP funds. Those making contributions to Roth TSP accounts must also pay federal and state taxes along with Social Security taxes prior to making contributions, but withdrawals after age 59 ½ are free from federal taxes.

How are TSP distributions taxed?

If a traditional TSP account owner chooses to have an eligible rollover distribution paid directly to the account owner, then the TSP must withhold 20 percent in Federal income taxes even if the account owner plans to rollover the distribution to another qualified retirement plan or to a traditional IRA.

How soon can you withdraw from TSP?

TSP Withdrawal Basics. Internal Revenue Service rules say you should wait until age 59 1/2 before taking money out of a TSP. However, you can start making withdrawals at age 55 if you leave federal government employment.

What is a TSP account distribution?

Account Distribution refers to your total balance in your TSP account – where your money is currently invested. Contribution Allocation is where your new investment goes every paycheck. Thus your Account Distribution refers to the big money and the Contribution Allocation is where you designated new money to go. You can change either one at anytime.