I withdrew the entirety of the Thrift Savings Plan when I departed from the military. How do I classify the money?

[KenH1]

Did you receive a form 1099-R from TSP?   What is the code in box 7?

[james-grgurich]

I did not so far. Just a letter stating the amount taken out and the amount taxed.

[KenH1]

Did you receive in 2017, or 2016?   Also, did you reach 59.5 years of age last year?   This will help me focus my answer, thanks.

[james-grgurich]

I received it in 2016, November time frame and I am 30.

[KenH1 · Accepted solution]

The distribution from your TSP will be considered an "early withdrawal" since your are under 59.5.  It will be added to your taxable income, and, you will be subject to a 10% penalty tax.

There are some exceptions to the penalty tax: Exceptions to Withdrawal Penalty, which TurboTax can handle.

You should contact TSP to get form 1099-R, which will give you the exact numbers and codes to enter into TurboTax.