Yes, you are allowed to rollover your Thrift Saving Plan (TSP) to an IRA and there isn't a limit for how often you can do this.
If you roll the funds to a traditional IRA, you have to report the 1099-R on your tax return, but it won't be included in your taxable income.
If you roll the funds to a Roth IRA, you have to report it and it'll be taxable, or partially taxable, in the year the rollover happens.
You may have heard that there is a one per year limit for IRA rollovers. That only applies to certain rollovers where both accounts are IRAs.
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