Chris Barfield just covered this on his last newsletter. He mentioned that you can use the 1099 but you have to add another form to indicate the correction noting the non-penalty withdrawal. Read his lates article from his newsletter.

https://www.barfieldfinancial.com

I just got in the mail 2, 1099 for my 2022. One shows the code 2 in block 7 with my correct withdrawal amount for 2022, and the other is code with a 1 in block 7. I don't know why the one code with a 1 was mailed since it shows $0 in the Gross Distribution box. 3 more years Vern... Thats all I have ...

I got this email below from the ThriftLine Service Center...Sort of a poor way to say they made an error but at least they are apparently correcting the 1099. In reviewing your 2022 1099-R forms recently sent from the Thrift Savings Plan (TSP), we have determined that the distribution code included ...

Just 3 more years of this incompetence is what I'm waiting for,,,. After that they'll have $201 just in case they ever get their act together.

Same here but I've so far received one 1099... I did make a withdrawal last year and just got my 1099 from TSP... I also got box 7 checked with a 1. I'm retired 1811 so it's listed as "Tax Penalty with No Exceptions". I'm on the horn with a TSP rep that unfortunately seems like this is his...

DogPyle, thanks for your response and quick reply. I've done some backtracking and was told (as I can't verify info any longer) HR gave me the tracking no. was to when my package was sent to NFC. I've been getting estimates from my prior agency since 2014 since I (or several of us in the office) whe...

DogPyle71, have you gotten your annuity process yet by OPM? I was one of those who retired on 12/31/2020 as an 1811 capped-out and I'm still waiting from OPM to receive any annuity or partial annuity. I have a long list of everyone I have reached out from Senators to my prior agency HR but as of yet...

Thanks "bop" sounds like you've done your homework... I'm considering such transfer to a FIDELITY IRA. As I understand this is a "transfer" (TSP to FIDELITY) a "rollover" is when you move money back into the TSP from FIDELITY IRA... the latter of the two, is not a taxab...

Thanks Scarfinger,,,I have one of FIDELTY's office close to be and I'm tempted to set meeting with one of their advisors to ask these questions and several others that I have... I'm a little novice at this and I don't want them to circle me like sharks wanting everything that I've saved up to retire...

I've subscribe to you guys thread as I'm looking to the the same... I've just retired at 54 on (12/31/2020) and I want to transfer half of my TSP to a Fidelity Roth IRA. I've opened and account in Fidelity and have lifted the "hold" on my TSP so that I've can do rollover. I understand that...

Wazzu82, thanks for your response...35% is huge...but I can live with that till my filling in 2021 as my tax rate should be lower as you mentioned. I see that your also in Fl. so you dint have any State taxes (or maybe you moved here after retiring)??? What's one more year after 34 years of fed time...

bop, I believe your correct as I've read this from Jamison and Barfield newsletters...But they take out the taxes at 22% (my bracket), 6.2 SS tax, called the OASDI and 1.45 medi-care tax... So, over a quarter of my 550 hours payment is taken...(but I should not be in the 22% bracket in 2021.) That's...

I guess I shouldn't have added "excess of 448"... I'm selling over 550 hours... (Some hours from the 2019 furlough included) but that's not my problem. I'm trying to see/learn if anyone has found a way to levy the heavy taxes that are added on those hours since they are added to the income...

ProduceMan, I had always been under the impression that 448 was the maximum you could sell back. After several emails with my agency HR, I'm being told that ALL hours in excess of 448 can be sold. So my plan is to sell ALL 550 hours on 12/31/2020..

Thanks for your input JDecon...Are you taking 3 months worth of leave? (Dec, Jan, and Feb?) If my agency would allowed me to take 3 months worth of leave (but they won't) I would have to take all of my 240 hours on Use-or-Loose before the end of 12/31/2020. Meaning I would have to be on leave as I w...