9/28/2023 0 Comments Tsp 1099 r![]() In early January, we mailed RMD calculation notices to participants who will be 73 and older in 2023 and to spousal beneficiaries with RMDs due for the 2023 calendar year. Required minimum distribution (RMD) notices. Notices went out based on participants’ delivery preferences on file (by mail or online through the secure participant mailbox in My Account). In early January, we sent notices with more information, including recalculated amounts, to participants receiving life expectancy installments. TSP life expectancy installments have been recalculated according to required updates to the assumptions used to determine those amounts. If you’re expecting a corrected Form 1099-R, you may wish to wait to file your taxes until you receive the form. If needed, corrected forms will be issued within three weeks of verifying the correction. the TSP will issue Form 1099-R showing the total distributions you. ![]() If you have not received your 2022 Form 1099-R by mid-February, you can log in to My Account to get a copy from your secure participant mailbox. File a copy of Form CSA 1099-R with your tax return if any federal income tax was. Withdrawals processed on December 29 and 30 are taxable income for 2023. In mid-January, the TSP will mail IRS Form 1099-R, Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., to participants who received a withdrawal between January 1 and December 28, 2022, and/or a taxed or foreclosed loan between January 1 and December 31, 2022. Here’s a sneak peek image of the updated My Account homepage beginning May 17, 2023. Recommended information-Below your account information, you’ll see a series of recommended topics that highlight plan information, helpful resources, and tutorial videos on how to use My Account features.Ī personalized to-do list-If you have action items that require your attention, such as adding a beneficiary or updating your contact information, you’ll see these items listed on the homepage. If you hover over the alert bell with your cursor, you’ll see the number of unread messages. ![]() Secure mailbox notifications-When you receive a new message in your secure mailbox, you’ll see a red alert bell at the top of the screen. A new secondary menu leads you to view fund performance, manage beneficiaries, add financial institutions to set up direct deposit, and more. Page navigation-An expanded navigation menu will help you find your account activity, balance history, transactions, and documents (such as quarterly statements). Your account summary-The new layout will give you the ability to easily view your account balance, rate of return, year-to-date contributions (including any agency/service contributions), and investment mix. Other pages within My Account and the TSP mobile app will not change with this update. We’re making this update in response to feedback about what participants prefer to see first when logging in. Upcoming changes to My Account - On May 17, 2023, the My Account homepage will have a new look to improve your TSP experience.
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