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Federal Retirees


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jgve1952  
#1 Posted : Saturday, August 20, 2011 10:50:21 PM(UTC)
jgve1952

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Joined: 1/16/2011(UTC)
Posts: 227

Hello.  I will soon be starting monthly withdrawals on my TSP account, and I know that the withdrawals are to be declared as income.   Where on the 1040 do I place this amount that will be reported as income?  A block number on the 1040 should would help direct me.  Thanks!
junkmail  
#2 Posted : Saturday, August 20, 2011 11:47:39 PM(UTC)
junkmail

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Joined: 1/15/2007(UTC)
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You can find out how to report your TSP payments on page 15 of IRS Pub 721, Tax Guide to U.S. Civil Service Retirement Benefits available at http://www.irs.gov/pub/irs-pdf/p721.pdf
jgve1952  
#3 Posted : Sunday, August 21, 2011 3:35:04 AM(UTC)
jgve1952

Rank: Senior Member

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Posts: 227

Thanks junkmail!  That was most helpful!
edalder  
#4 Posted : Sunday, August 21, 2011 6:02:53 AM(UTC)
edalder

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Joined: 10/9/2001(UTC)
Posts: 1,541

I have an inherited IRA, which means that I have to take a required minimum distribution every year, even though I am a long ways from 70.5 years of age.

As a I recall there is a line for distributions from retirement plans and it is there.

Because there can modifications in the 1040 form from year to year, it may not always be the same 1040 line every year, but you will have a place to put it when the time comes.


Kivi
zinger1457  
#5 Posted : Sunday, August 28, 2011 5:41:05 AM(UTC)
zinger1457

Rank: Senior Member

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Joined: 10/21/2006(UTC)
Posts: 224



You will get a form 1099R from TSP on any withdrawals.  Assuming you're using one of the tax software programs it will walk you through your 1099R and place it on the correct 1040 line (15 or 16).
Bert  
#6 Posted : Monday, August 29, 2011 3:34:30 AM(UTC)
Bert

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Joined: 7/9/2002(UTC)
Posts: 209



On the 2010 form 1040 it was line 15, but as stated by edalder the IRS does modify the tax forms some years so it might not be on the same line in 2011 form 1040.
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