Should I include TSP contributions? I have had tax professionals prepare my taxes in the past and they never reported my TSP. Should I not do that again? I have both Roth IRA and traditional IRA style accounts in my TSP.

[MargaretL · Accepted solution]

No, you should not include your TSP contributions separately on your tax return. All you have to do is report W2 data in Turbo Tax exactly as it appears on the form.

The TSP plan contributions you elect to make come directly out of your salary. Since the contributions are made with pre-tax dollars, your employer does not include these amounts in your taxable income for the year. At the end of the year, when you receive your W-2 form that shows your earnings, you will notice that your wages subject to federal income (box 1) tax are lower because of your TSP plan contributions (box 12). Since the contributions are not counted in your taxable income to begin with, you do not take a deduction when you file your return.