11/22/2023 0 Comments Tsp 1099 r![]() ![]() Keep your fingers crossed.Thanks for the update EA! This helps to know that at least they are aware of these problems. Posted: JA personalized to-do list Here’s a sneak peek image of the updated My Account homepage beginning May 17, 2023. Please dispose of any forms you have already received from the TSP. As a result, we will be sending corrected 1099-R forms to your mailing address on file. In reviewing your 2022 1099-R forms recently sent from the Thrift Savings Plan (TSP), we have determined that the distribution code included on one or more of your forms would result in the incorrect tax treatment of your distribution. The TSP has mailed IRS Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. It is supposed to be corrected in February. To enter pension and annuity Payments (1099-R) Click on Federal Taxes Click on Wages and Income Click on Ill choose what I work on (if shown) Scroll down to Retirement Plans and Social Security. If the TSP refuses to correct the form, you'll need to file a substitute Form 1099-R (Form 4852) showing the correct taxable amount in box 2a. They said something went wrong (no details) and many people had either too much or not enough withheld. If the entire gross amount was directly rolled over to a Roth IRA, the Form 1099-R is incorrect, whoever at the TSP told you that it was correct is misinformed, and the Form 1099-R needs to be corrected. I also asked about my withholding in January that was significantly understated. IRS Form 1099-R is used to show TSP distributions during a calendar year. I called today and there was no update for me & no estimated response time No additional action is required from you at this time. ![]() They will also be available for download from your Secure Participant Mailbox (SPM) in My Account after February 20, 2023. Your new set of 1099-R forms will be mailed the week of January 30, please allow 5 - 7 business days for standard US Mail delivery. As a result, we will be sending corrected 1099-R forms to your mailing address on file. In box 7, the distribution code in 2 on the first one and 1 on the second. In reviewing your 2022 1099-R forms recently sent from the Thrift Savings Plan (TSP), we have determined that the distribution code included on one or more of your forms would result in the incorrect tax treatment of your distribution. 1099-R, all TSP distributions to your state of residence at the time of the payment (if that state has an income tax). ![]() On another website, someone posted (Jan 31st) a letter they got from TSP It was sent to operations with high priority. I requested a corrected 1099-R on January 24th and still have not gotten any update. It requires a couple of extra steps in TurboTax to eliminate the penalty by putting dollar amount in the exception screen. So you can see that taxes have a significant. Code 1 results in Tax Penalty unless you meet an exception- Substantially Equal Periodic Payment (SEPP). And of course you know that the money you take out of your Thrift Savings Plan (TSP) account will be taxable. ![]()
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