Browsing: Tax returns

Q. If I was to take a normal FERS retirement on Dec. 31, 2017, would the money I receive for unused annual leave be income for 2017 or 2018? Also if I have an outstanding TSP loan, would the unpaid balance be reported as taxable income for 2017 or 2018?

Q. I retired from the Federal Bureau of Prisons on November 28,2014. I withdrew a part of my TSP receiving it on February 17, 2015. When I received my 1099 it identified my distribution code as 1 -early premature distribution. Why is it not code 2-early distribution exception applies, since I am federal law enforcement?

Q. I recently submitted paperwork for a partial withdrawal of my TSP account (I am separated from federal service). I submitted this paperwork with guidance from a certified financial planner and after several phone calls to TSP. I wanted $240,000 rolled over into another retirement vehicle. TSP only sent them $112,000 — taxed the balance and sent me a check. When I called them they said their was nothing I could do now since the money had already been disbursed. I haven’t even received the check yet. What recourse do I have? I do not want to withdraw this money…

Q. I am on CSRS,over 59 1/2 years old, and thinking of withdrawing my TSP and putting it in a personal account. If, for example, I have $50,000 to withdraw, and there is a 20% tax penalty, as I understand it, this means I receive $40,000. Now, is $50,000 added to my income for tax purposes, or is $40,000 added to it? If it is $50,000, can I include the 20 percent penalty as tax deducted from my income on my tax return?