![]() It’s sent to you no later than January 31 after the calendar year of the retirement account distribution. Managing your TSP and alternate investment options after retirement or separation from service. If the form shows federal income tax withheld in Box 4, attach a copy Copy Bto your tax return. Keep your fingers crossed.Thanks for the update EA! This helps to know that at least they are aware of these problems. IRS Form 1099-R The TSP has mailed IRS Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., to participants who received a withdrawal up to December 27, 2019, and/or a taxable distribution of a loan up to December 31, 2019. The 1099-R form is an informational return, which means you’ll use it to report income on your federal tax return. Please dispose of any forms you have already received from the TSP. Anyone know whats going on Yes, you will need to file the 8915-E each year if you spread the distribution over 3 years. I want to spread it out over 3 years, it keeps saying to revisit latter. As a result, we will be sending corrected 1099-R forms to your mailing address on file. Ref 1099-r tsp withdrawal, federal tax withheld. 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. It is supposed to be corrected in February. They said something went wrong (no details) and many people had either too much or not enough withheld. 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 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 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. Form 1099-R refers to the tax document that is sent when there is a distribution from a 401k, 403b, pension, profit-sharing plan, IRA, annuity, insurance contracts, survivor income benefit plans. 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. Code 1 results in Tax Penalty unless you meet an exception- Substantially Equal Periodic Payment (SEPP).
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |