TSP Announces Its End of 2017 Processing Schedule

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By on January 4, 2018 in Pay & Benefits with 0 Comments

2017 in the foreground with 2018 approaching behind; fireworks are going off behind both numbers

The Thrift Savings Plan has published its processing schedule for January to close out 2017 (posted below). It includes information about closing for the MLK holiday and also when participants can expect 1099 forms, something some of our users had asked about.

The TSP processing schedule for the end of 2017 is shown below. The schedule includes information about when transactions (including withdrawals and monthly payments) will be processed, as well as when the TSP will be closed during the holiday season.

  • January 15 — The financial markets will be closed on Monday, January 15, in observance of the Martin Luther King, Jr. holiday. The Thrift Savings Plan will also be closed. Transactions that would have been processed Monday night (January 15) will be processed Tuesday night (January 16) at Tuesday’s closing share prices.
  • IRS Form 1099-R — IRS Form 1099-R, Distribution from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., will be posted in My Account and mailed by January 31, to participants who received a withdrawal up to December 27, 2017, and/or a taxable distribution of a loan up to December 29, 2017.
  • Withdrawals processed December 28 and December 29, 2017 — Withdrawals processed on the last two business days of December 2017, are considered taxable income for 2018, not 2017. The TSP will report them to you and to the Internal Revenue Service (IRS) on IRS Form 1099-R by January 31, 2019.

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Ian Smith is one of the co-founders of FedSmith.com. He enjoys writing about current topics that affect the federal workforce.