What's New

Plan News

Plan News was updated on February 1, 2010.

Form 1099-R — Last month, the TSP mailed IRS Form 1099-R to participants who received withdrawal or other taxable distributions during 2009.  If you have not received it by mid-February, you can print out a copy from Account Access.

Fourth quarter participant statements — Your fourth quarter 2009 participant statement, covering October 1 through December 31, is available from Account Access.

Changes in monthly payment amounts — If you requested a change in the amount of your monthly payments for 2010, it should have been reflected in the first payment disbursed on or after January 4.  If it was not, call the ThriftLine toll free at 1-TSP-YOU-FRST (1-877-968-3778) and press 3 to speak to a TSP service representative.  Callers outside the U.S. and Canada should call 202-233-4400 (not toll free).

Annual TSP participant statements — This month, the TSP will mail annual participant statements to participants who did not opt out of receiving them.  They will also be posted in Account Access.  (Look for an announcement on the home page when the statements are available online.)

IRS contribution limits for 2010 — For 2010, you may contribute up to $16,500 in tax-deferred money to the TSP.  If you are a member of the uniformed services, you may contribute a total of $49,000 in tax-deferred and tax-exempt money.  If you will be age 50 or older during 2010, you may also contribute up to $5,500 in additional “catch-up” contributions if you expect to reach the $16,500 limit in 2010.

Tax-deferred benefit of the TSP — When you prepare your 2009 tax return, remember that your taxable wages reported on your W-2 will be different from your annual salary.  Your TSP contributions are not considered part of your income for Federal income tax purposes.  Paying less tax on your current income is one of the benefits of the TSP.

Tax Credit — You may be eligible to claim the Retirement Savings Contributions Credit if your modified adjusted gross income for 2009 is not more than $55,500 if married filing jointly, $41,625 if head of household, or $27,750 if you are single or married filing separately, or a qualifying widow or widower.