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TSP

Administered by the Federal Retirement Thrift Investment Board, this defined contribution plan for federal employees has roughly 4,614,874 participants, and over $358 billion in assets under management. Ask your TSP questions and post related topics here.

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GordonG  
#1 Posted : Thursday, September 17, 2020 6:58:11 AM(UTC)
GordonG

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Requested disbursement on Monday and it it the bank today Thursday.

It's the right amount, exactly what I requested, but then it hit me...they didn't take out taxes.

OK...maybe I made a mistake. You know, THOUGHT that requested they take out taxes and screwed up.

So I go back to the TSP site and looked... my requested withholding rate is there.

But they gave me the full amount?

First world problem...they gave me too much money.

Is something happening that I'm missing or overlooked?

Postalvet: ashamed that he was a custodian
Biden: “If you can't figure out if you’re for me or Trump, then you ain’t black.”
GordonG  
#2 Posted : Thursday, September 17, 2020 7:47:10 AM(UTC)
GordonG

Rank: Senior Member

Groups: Registered
Joined: 1/26/2013(UTC)
Posts: 3,992
United States
Location: Paradise

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Was thanked: 1311 time(s) in 863 post(s)
OK...here's the scoop straight from TSP (thank you Miss Cheryl!).

TSP does not withhold federal taxes at your requested status, Single w/0 deductions is what I did, because I requested a monthly disbursement over 10 years AND the dollar amount is under $1720 per month.

When you're setting up your TSP for disbursement you have a couple of options for withholding taxes.

You can pick a status such as Single, Married, HOH...along with the number of deductions.

And/or you can also choose a specific dollar amount.

So I'll go back and make an official change and request a dollar amount to be withheld.

That'll be the easiest way to fix my situation.

I must've overlooked that $1720 minimum disbursement requirement for taxes to be withheld.
Postalvet: ashamed that he was a custodian
Biden: “If you can't figure out if you’re for me or Trump, then you ain’t black.”
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