Fedweek

The TSP has announced withdrawal and other processing dates for the remainder of the calendar year that affect tax reporting, as well as the dates it will be closed.

Withdrawal installment payments normally scheduled to be processed between December 16 and December 31 will be processed on December 16. For income tax purposes, these payments will be reported to the IRS as income for 2019.

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Any residual 2019 required minimum distribution amounts for beneficiary participants will be processed on December 17 while those for federal employees (and uniformed military) will be processed on December 18. In both cases that will be reported to the IRS as income for 2019.

The TSP will be closed December 25; transactions that would have been processed on that date will be processed the following day at that day’s closing share prices.

Withdrawals (checks and direct deposits) processed through December 27 will be disbursed and reported to the IRS as income for 2019. Withdrawals processed on December 30 and 31 will be reported to the IRS as income for 2020; those payments are expected to be issued on January 2 and 3, respectively.

The TSP will be closed January 1; transactions that would have been processed on that date will be processed the following day at that day’s closing share prices.