I received a client who is in a nursing home and worked for the postal til he was 77. He is
having blackouts etc. Anyway he got a 1099R from the Thrift Savings Plan of $161,126
with taxes taken out of $31404. (about 20%). I doubt this is a yearly amount since really high.
Is it a total distribution? the box 7 says "7" . Why would postal HR trigger this kind of tax event on him.
If this is a government retirement he should be getting amounts based on RMD life expectancy stats, right?
Any light on this is appreciated ...he has trouble articulating etc.