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Is the amount placed in the "Roll over" box - what was requested from the TSP or the amount received?

The requested amount was taxed 20% and the resulting amount was placed in a bank account. When I input that data into Turbo Tax, do I put what was asked for in the box (total requested) or what was really received?

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1 Reply
KrisD15
Expert Alumni

Is the amount placed in the "Roll over" box - what was requested from the TSP or the amount received?

That question is asking if you put the funds you received from your Thrift Savings Account into another RETIREMENT account. 

 

If you took a distribution from your Thrift Savings Account, enter what (if any) was rolled into another retirement plan, then enter what (if any) was converted to a Roth IRA. 

 

If you made a distribution and deposited it into a checking and/or savings account, that amount would not be entered on that screen. 

 

If you DID use it to contribute to a different retirement account, enter the amount that was actually deposited into that other retirement account. 

 

If you made a distribution from your Thrift Savings, it may or may not be subject to the penalty tax. 

 

If you made a LOAN, it would not be subject to the penalty tax unless you broke service early and decided to not pay the loan back. In that case the loan would become a distribution. 

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