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TSP Withdrawal Deposited into Traditional IRA within 60-day Window

I withdrew funds from my Traditional Thrift Savings Plan account and then changed my mind.  TSP does not allow retirees to deposit funds into their TSP account, so I deposited the funds into a Traditional IRA within the 60-day window.  How to I capture this in TT?

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2 Replies

TSP Withdrawal Deposited into Traditional IRA within 60-day Window

You just enter the 1099-R as was sent to you.

 

Then on a follow-up page, the software asks what you did with the money

...and you indicate that you moved it to another Retirment account......and you will then be able to indicate how much was "moved".

 

IF taxes were withheld (Fed box 4 and state box14 of the 1099-R)....? 

IF you didn't make those $$ up when you put the $$ into the IRA, then those $$ will be added as taxable income...but then you get a credit for the $$ withheld.

 

Distribution should show up in box 5a, and the smaller taxable amount (if any) will be in 5b.  Only 5b gets added to taxable income.....but if done right, 5b should be zero/blank if you made up the withholding $$......or will equal the withholding $$ if you didn't.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

TSP Withdrawal Deposited into Traditional IRA within 60-day Window

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