TSP Releases January 2023 Processing Schedule

The TSP has released its January 2023 processing schedule with information about tax distribution forms.

The Thrift Savings Plan (TSP) has published its processing schedule for January 2023. 

The TSP processing schedule for the start of 2023 includes important information about when IRS Form 1099-R will be sent to plan participants as well as information about requirement minimum distribution (RMD) notices.

From the TSP:

IRS Form 1099-R

In mid-January, the TSP will mail IRS Form 1099-R, Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., to participants who received a withdrawal between January 1 and December 28, 2022, and/or a taxed or foreclosed loan between January 1 and December 31, 2022. Withdrawals processed on December 29 and 30 are taxable income for 2023. If you have not received your 2022 Form 1099-R by mid-February, you can log in to My Account to get a copy from your secure participant mailbox. If needed, corrected forms will be issued within three weeks of verifying the correction. If you’re expecting a corrected Form 1099-R, you may wish to wait to file your taxes until you receive the form.

Life expectancy recalculation notices

TSP life expectancy installments have been recalculated according to updates to the IRS Uniform Lifetime Table. In early January, we sent notices with more information, including recalculated amounts, to participants receiving life expectancy installments. Notices went out based on participants’ delivery preferences on file (by mail or online through the secure participant mailbox in My Account).

Required minimum distribution (RMD) notices

In early January, we mailed RMD calculation notices to participants who will be 73 and older in 2023 and to spousal beneficiaries with RMDs due for the 2023 calendar year.

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