How do I claim my TSP withdrawal?
Tax Reporting
The TSP reports all TSP distributions to the IRS and to the appropriate state tax agencies (if applicable) and to the TSP participant on IRS Form 1099-R (Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.).
What do you do with your TSP when you retire?
Many people in retirement elect to withdrawal the entire amount and transfer the TSP to an IRA.
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Essentially, when you retire you have 4 options for your TSP:
- Begin regular (likely monthly) installment payments. ...
- Purchase an annuity. ...
- Leave it in the TSP and let it grow. ...
- Make a single withdraw / transfer the TSP to an IRA.
At what age can you withdraw from TSP?
Is the TSP a good retirement plan?
While they may not have as many funds to choose from, TSP participants do have one big advantage over most 401(k) investors: lower fees. The total expense ratio, which covers both investment and administrative fees, is 0.055% for individual TSP funds.