TSP readies for tax season

Tom Trabucco, the director of external affairs at the Federal Retirement Thrift Investment Board, which oversees the TSP, joined In Depth with Francis Rose to...

It’s only a week into the new year, but the deadline for filing taxes will be here before you know it.

The Thrift Savings Plan is preparing the resources federal employees and retirees will need as tax season approaches.

Tom Trabucco, the director of external affairs at the Federal Retirement Thrift Investment Board, which oversees the TSP, joined In Depth with Francis Rose to discuss the timeline feds need to know.

Federal employees who withdrew from their TSP accounts over 2011 will be issued an IRS form 1099-R. That form will be mailed by Jan. 31 and will also be available online.

The TSP website also points out that in 2012, employees can contribute as much as $17,000 in tax-deferred money to the TSP — even more for members of the uniformed services. Those who are 50 or older may contribute $5,500 in “catch-up” contributions if they expect to reach the $17,000 limit in 2012.

Copyright © 2024 Federal News Network. All rights reserved. This website is not intended for users located within the European Economic Area.

    Getty Images/Elisank79U.S. Capitol

    Senate passes Social Security bill to repeal WEP and GPO

    Read more

    Some final thoughts from one of the leading reformers of Congress

    Read more
    Courtesy of: https://www.mfan.org/

    How children of military service members are at war

    Read more