![]() ![]() Keep your fingers crossed.Thanks for the update EA! This helps to know that at least they are aware of these problems. 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. So you can see that taxes have a significant. 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. And of course you know that the money you take out of your Thrift Savings Plan (TSP) account will be taxable. It is supposed to be corrected in February. A TSP loan only becomes taxable if you default on the loan and receive a Form 1099-R with code L in box 7 or the loan is satisfied with an offset distribution that reduces the balance to you credit in the TSP and the TSP. They said something went wrong (no details) and many people had either too much or not enough withheld. A TSP loan that you are still paying back and on which you have not defaulted is not taxable. I also asked about my withholding in January that was significantly understated. ![]() I called today and there was no update for me & no estimated response time Form 1099-R is used to report distributions from annuities, profit-sharing plans, retirement plans, IRAs, insurance contracts, or pensions. 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. the TSP will issue Form 1099-R showing the total distributions you. Please dispose of any forms you have already received from the TSP. File a copy of Form CSA 1099-R with your tax return if any federal income tax was. As a result, we will be sending corrected 1099-R forms to your mailing address on file. A TSP loan only becomes taxable if you default on the loan and receive a Form 1099-R with code L in box 7 or the loan is satisfied with an offset distribution that reduces the balance to you credit in the TSP and the TSP issues a Form 1099-R that includes code M in box 7, usually upon separation from service while the loan is still outstanding. 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. 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. want to transfer, and Form TSP-60-R for the transfer of Roth money. It requires a couple of extra steps in TurboTax to eliminate the penalty by putting dollar amount in the exception screen. The Thrift Savings Plan (TSP), is a retirement savings plan similar to 401(k) plans. Code 1 results in Tax Penalty unless you meet an exception- Substantially Equal Periodic Payment (SEPP). ![]()
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