![]() ![]() If you have any questions, please contact the ThriftLine at 1-87 between 7 a.m. 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. Be aware that withdrawals from your beneficiary par ticipant account are reported as death benefit payments to the IRS on the 1099R, Distributions from Pensions. Form 1099-R is used to report distributions from annuities, profit-sharing plans, retirement plans, IRAs, insurance contracts, or pensions. If this distribution is taxable, you may use the cost recovery method to determine the taxable portion. ![]() Please dispose of any forms you have already received from the TSP. Box 1 on the 1099-R (Gross Distribution) is taxable unless the distribution is from a Pennsylvania-eligible plan or you retired after meeting the age conditions or years of service conditions of the plan. The TSP will issue the required tax form 1099-R to the participant. As a result, we will be sending corrected 1099-R forms to your mailing address on file. Q1: Will the Thrift Savings Plan honor a child support lien and levy for arrears. Anyone who receives a distribution over 10 should. ![]() 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 is used to report distributions from annuities, profit-sharing plans, retirement plans, IRAs, insurance contracts, or pensions. In box 7, the distribution code in 2 on the first one and 1 on the second. I got this email below from the ThriftLine Service Center.Sort of a poor way to say they made an error but at least they are apparently correcting the 1099. Managing your TSP and alternate investment options after retirement or separation from service. ![]()
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