{"id":8960,"date":"2024-12-03T20:29:49","date_gmt":"2024-12-03T20:29:49","guid":{"rendered":"https:\/\/finderica.com\/tsp-announces-year-end-processing-schedule\/"},"modified":"2024-12-03T20:29:49","modified_gmt":"2024-12-03T20:29:49","slug":"tsp-announces-year-end-processing-schedule","status":"publish","type":"post","link":"https:\/\/finderica.com\/?p=8960","title":{"rendered":"TSP Announces Year-End Processing Schedule"},"content":{"rendered":"<div>\n<p><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-17621 aligncenter\" src=\"https:\/\/www.myfederalretirement.com\/wp-content\/uploads\/2020\/01\/tsp-piggy-bank-scaled.jpg\" alt=\"\" width=\"749\" height=\"499\" srcset=\"https:\/\/www.myfederalretirement.com\/wp-content\/uploads\/2020\/01\/tsp-piggy-bank-scaled.jpg 2560w, https:\/\/www.myfederalretirement.com\/wp-content\/uploads\/2020\/01\/tsp-piggy-bank-300x200.jpg 300w, https:\/\/www.myfederalretirement.com\/wp-content\/uploads\/2020\/01\/tsp-piggy-bank-1024x683.jpg 1024w, https:\/\/www.myfederalretirement.com\/wp-content\/uploads\/2020\/01\/tsp-piggy-bank-768x512.jpg 768w, https:\/\/www.myfederalretirement.com\/wp-content\/uploads\/2020\/01\/tsp-piggy-bank-1536x1024.jpg 1536w, https:\/\/www.myfederalretirement.com\/wp-content\/uploads\/2020\/01\/tsp-piggy-bank-2048x1365.jpg 2048w\" sizes=\"auto, (max-width: 749px) 100vw, 749px\"><\/p>\n<p>The Thrift Savings Plan has announced its processing schedule for the end of 2024 lists when transactions will be processed (including withdrawals and installment payments) and dates that the TSP will close for federal holidays.<\/p>\n<p>December 16 \u2014 December installment payments will be processed on December 16 as scheduled and will be reported to the IRS as 2024 income.<\/p>\n<p>December 18 \u2014 Any 2024 RMD amounts for civilian, uniformed services, and beneficiary participants who have a remaining RMD balance will be processed on December 18. For income tax purposes, these payments will be reported to the IRS as income for 2024.<\/p>\n<p>December 25 \u2014 Because Wednesday, December 25 is a federal holiday, the TSP will be closed. Transactions that would have been processed Wednesday night (December 25) will be processed Thursday night (December 26) at Thursday\u2019s closing share prices.<\/p>\n<p>December 27 \u2014 Withdrawals processed through December 27 will be disbursed and reported to the IRS as income for 2024.<\/p>\n<p>December 30 \u2014 Withdrawals processed on December 30 will be reported to the IRS as income for 2025.<\/p>\n<p>December 31 \u2014 Withdrawals processed on December 31 will be reported to the IRS as income for 2025.<\/p>\n<p>January 1 \u2014 Because Wednesday, January 1 is a federal holiday, the TSP will be closed. Transactions that would have been processed Wednesday night (January 1) will be processed Thursday night (January 2) at Thursday\u2019s closing share prices.<\/p>\n<h2>IRS Form 1099-R<\/h2>\n<p>In mid-January, the TSP will mail <a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-1099-r\" target=\"_blank\" rel=\"noopener\">IRS Form 1099-R<\/a>, <em>Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.<\/em>, to participants who received a withdrawal between January 1 and December 27, 2024, and\/or a taxed or foreclosed loan between January 1 and December 31, 2024.<\/p>\n<h2>Required minimum distribution (RMD) notices<\/h2>\n<p>In early January,\u00a0 TSP RMD calculation notices will be mailed to separated TSP participants.<\/p>\n<p><span class=\"cp-load-after-post\"><\/span><\/div>\n<p><a href=\"https:\/\/www.myfederalretirement.com\/tsp-quarterly-statements\/\" target=\"_blank\" rel=\"noopener\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Thrift Savings Plan has announced its processing schedule for the end of 2024 lists when transactions will be processed (including withdrawals and installment payments) and dates that the TSP will close for federal holidays. December 16 \u2014 December installment payments will be processed on December 16 as scheduled and will be reported to the<\/p>\n","protected":false},"author":2,"featured_media":8961,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[348],"tags":[693,3270,3255,443,1704],"class_list":{"0":"post-8960","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-retirement","8":"tag-announces","9":"tag-processing","10":"tag-schedule","11":"tag-tsp","12":"tag-yearend"},"_links":{"self":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/8960","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8960"}],"version-history":[{"count":0,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/8960\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/media\/8961"}],"wp:attachment":[{"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8960"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8960"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8960"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}