TSP

There are several dates to remember between the middle of December and the beginning of 2018 as it applies to the TSP. Here’s a breakdown.

For those who are receiving monthly payments from the TSP, December 15, 2017 is the deadline for the TSP to receive a request for an annual change in the amount of monthly payments.

On December 18, 2017, the TSP will process all monthly payments scheduled for December 19 – December 31. For federal income tax purposes, these payments will be reported to the IRS as 2017 income.

Residual required minimum distribution amounts for beneficiary participants will be processed on December 19, 2017 and residual required minimum distribution amounts for civilian and uniformed services participants will be processed on December 20, 2017.

The TSP is closed on Christmas Day, December 25, 2017 and any transactions that would have been processed that day will be processed December 26, 2017.

Withdrawals processed through December 27, 2017 will be reported to the IRS as income for 2017.

Withdrawals processed for the remainder of December 2017 will be reported as income for 2018.

The TSP is closed on New Year’s Day, January 1, 2018 and any transactions that would have been processed that day will be processed on January 2, 2018.