Is Thrift Saving Plan (TSP) the same as an IRA?

[PaulaM · Accepted solution]

No, they are not the same type of retirement plan.

TSP-The thrift savings plan is a defined-contribution plan designed to give federal employees the same retirement savings related benefits that workers in the private sector enjoy with 401(k) plans. Contributions to the plan are automatically deducted from each paycheck

IRA-An Individual Retirement Account (IRA) is a type of savings account that is designed to help you save for retirement and offers many tax advantages. There are two different types of IRAs: Traditional and Roth IRAs. These plans are set up separate from your employer. You initiate the setup on your own.

Both great retirement vehicles.

[dmertz]

In other words, the TSP is not an IRA.

[linusf]

I see that SSA-1099 falls under wages and benefits.  

Where does the TSP 1099-R information go?

[linusf]

Turbotax says there is a code in W-2 --- but I'm retired and have no W-2

[DoninGA]

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@linusf wrote:

Turbotax says there is a code in W-2 --- but I'm retired and have no W-2

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To enter, edit or delete a form 1099-R -

• Click on Federal Taxes (Personal using Home and Business)
• Click on Wages and Income (Personal Income using Home and Business)
• Click on I'll choose what I work on (if shown)
• Scroll down to Retirement Plans and Social Security
• On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button

Or enter 1099-r in the Search box located in the upper right of the program screen. Click on Jump to 1099-R

[linusf]

Okay.  That is what I did but the information I have does not line up well with the questions posed in Turbotax.

[DoninGA]

TurboTax Form 1099-R follows the IRS approved Form 1099-R - https://www.irs.gov/pub/irs-prior/f1099r--2019.pdf

If your Form 1099-R is different and the box numbers do not match, then look at the box for descriptions and enter that amount in the same box as described on the TurboTax Form 1099-R.

[byebyecash]

Hi, 

I have AA and D in block 12 of W-2 with amounts and am completing the deductions and credit section of the Turbo Tax and need advise as to wether I have to list these totals as Traditional and Roth contributions or is it taken care of in the W-2 section?  I think this (deductions and credits section/Traditional and Roth contributions) applies to non-TSP IRA that i am sure does get listed in that section. Please clarify. 

Kevin

[dmertz]

It's taken care of in the W-2 section.  These are contributions to a 401(k) or the federal TSP, not to an IRA.

[byebyecash]

Thank you dmertz! If I could make a recommendation it is that that be posted on the site in that section if possible. Something like if your W-2 lists ...... then you do not need to report it here. Thanks for consideration and your help! 

Kevin

[gbjess]

Question: If a person ONLY has a TSP they should NOT check the Yes box saying they have a Traditional IRA?
Thanks to anyone actually reading/replying 

[VolvoGirl]

Right.  Is it not a IRA.

[gbjess]

Thank you for replying.
I accidentally answered YES to the traditional or Roth IRA question, but can not get back to the original page to check No. I've went back to the beginning "personal info"  as well as the retirement section in deductions with no luck. 😢 

[VolvoGirl]

Those beginning screens don't matter.  Just don't enter anything under Deductions for it.