How to Report Benefits From a TSP
- 1). List any withdrawals from a TSP on Line 16 if filing Form 1040. On line 16a, indicate the amount of income withdrawn from the TSP during the tax year. On Line 16b, indicate the taxable amount of income from the funds withdrawn from the TSP. The amount of taxable income may be found on the Form 1099-R that you will receive from the Federal Retirement Thrift Investment Board.
- 2). List any withdrawals from a TSP on Lines 12a and 12b if filing Form 1040A. If you are filing Form 1040A, indicate the amount received in withdrawals from a TSP on Line 12a. On Line 12b, indicate the taxable amount of income from the funds withdrawn from the TSP. The amount of taxable income may be found on the Form 1099-R that you will receive from the Federal Retirement Thrift Investment Board.
- 3). Avoid filing Form 1040EZ if you are receiving a withdrawal from a TSP. Because Form 1040EZ does not allow a taxpayer to declare any income received from a TSP, individuals receiving a withdrawal from a TSP cannot file Form 1040EZ.
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