How to Report a TSP as a Deductible on Your Taxes
- 1). Contact the investment company managing your TSP and confirm you are enrolled in the program.
- 2). Review your TSP's investment options and select an investment plan. This information should be online on your investment company's website.
- 3). Invest in your TSP throughout the year. Keep track of your total contributions throughout the year.
- 4). Review your listed taxable income on your W-2 statement at the end of the year. Confirm that your taxable income has been fully reduced by your TSP contributions.
- 5). Contact the TSP plan administrator if your income has not been fully adjusted. The plan administrator must file an amended TSP statement to the IRS to correct this error, so you can get your full tax deduction.
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