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Level 2

Question

TSP account

Forum|Forum|3 years ago
November 16, 2022
1 reply
12 views

when cashing out a tsp account, 20% is automatically deducted

what is the amount to list on tax form - original amount before 20% deduction or after

Level 15

You enter the Form 1099-R you received for the distribution as received from the plan administrator.

The Gross Distribution in box 1 of the form is the total before taxes were withheld. Federal Income Taxes Withheld are entered in box 4.

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