The Thrift Savings Plan (TSP) has published its processing schedule for January 2024.
The schedule lists when federal employees and retirees can expect to receive IRS form 1099-R for tax planning purposes. It also notes that RMD notices will be distributed in early January.
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 27, 2023, and/or a taxed or foreclosed loan between January 1 and December 31, 2023. Withdrawals processed on December 28 and 29 are taxable income for 2024. A copy of your 2023 Form 1099-R will also be available in your My Account secure participant mailbox by mid-February. 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.
Important: The content on the back of your 2023 Form 1099-R will look different from previous 1099-R forms you may have received from the TSP. Rather than feature content specific to the TSP, the back of the 2023 Form 1099-R we send you will include standard IRS content. This is common practice for defined contribution retirement plans, and it means you’ll see some information not relevant to the TSP. As always, we encourage you to consult a qualified tax advisor or the IRS for questions about filing your taxes.
Life expectancy recalculation notices — TSP life expectancy installments will be recalculated according to required updates to the assumptions used to determine those amounts. In early January, we will send notices with more information, including recalculated amounts, to participants receiving life expectancy installments. Notices will go 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 will mail RMD calculation notices to separated participants who will be 73 and older in 2024 and to spousal beneficiaries with RMDs due for the 2024 calendar year. If you haven’t done so already, we encourage you to add direct deposit information in My Account to receive your money quickly and easily.
