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At what age can I withdraw from TSP without penalty?
For the regular or traditional TSP, because contributions were made on a pre-tax basis, one of the most important considerations of a TSP withdrawal is income taxes. The TSP is required to withhold 20% from any TSP withdrawal or distribution, but that may not be that only amount of taxes owed.
Where do I find my TSP tax documents?
A copy of your 2024 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 youre expecting a corrected Form 1099-R, you may wish to wait to file your taxes until you receive the form.
Do I need to report my TSP on my taxes?
With traditional TSP, your contributions go into the TSP before tax withholding, which can potentially lower your current income tax rate. But when you take money from your traditional TSP, youll pay taxes on both your contributions and earnings at the income tax rate of the year you make the withdrawal.
Can I get a copy of my 1099-R online?
You may view and print your Form 1099-Rs for 2024 and prior tax years on myCalSTRS. Your 2024 Form 1099-R will be available online by January 31, 2025. In addition, duplicate Form 1099-Rs can be requested in writing.
What is the most aggressive TSP fund?
As the fund name indicates, these companies are smaller and less established than the SP 500 companies and have greater potential for growth than those in the C Fund. The S Fund is considered one of two funds with the greatest risk in the TSP.
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Quarterly statements and many other TSP notices are already delivered this way. While some electronic notices will go directly to your preferred email address on file, most will be posted in your secure participant mailbox in My Account.
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