11/16/2023 0 Comments Tsp 1099 r![]() This booklet is a wealth of information and includes personal statistics including your CSA number, monthly benefit, survivor benefits, life insurance elections, contributions and tax information, how to contact OPM, COLA adjustments, other information and how to update your address. If you lost your original copy, request a copy of the original booklet you received when you first retired to compare it to the most current version. Many annuitants order a copy each year with their updated benefits information and place the booklet in their retirement or estate planning file. If you haven’t signed up for OPM’s Online Services, follow the sign on guidance in my article titled, “OPM Services Online Access Changes.” Their website’s document section also provides quick access to your 1099-R forms, and a downloadable annual and monthly annuity statements. Request your updated copy by selecting the Document Section, the last item listed on the Dashboard’s main menu and click on “Request Booklet.” All retirees receive a comprehensive multi page booklet titled, “Your Federal Retirement Benefits” from OPM when they retire. Request an updated retirement benefits booklet through. Medicare premiums for Part B actually decreased slightly this year after a 14.5% increase the year before! Higher earners will pay Social Security taxes in 2023 on earnings up to $160,200, an increase from last year’s maximum amount of $147,000. Social Security Tax Limit and Medicare Premiums ![]() I was unable to contact TSP to obtain more information about the problem. The TSP informed Mark there was a system wide glitch and for him to call back February first. Some participants did not receive their January monthly withdrawals. Mark, a newsletter subscriber, sent me a message outlining the problems he is having with scheduled withdrawals. For example, they should have a direct link to tax records! I am finding the new TSP site rather difficult to navigate. To get to your secure mailbox click on the circled bell in the upper right corner of the website. Apparently, the new TSP service provider only has records for participants from through 31 December 2022 for the 2022 tax year.Īccording to their website, your 1099-R Form should be available in your “Secure Mailbox” by end of February. If you don’t receive your 1099-R Form in the mail by mid-February, they advise calling the TSP to request a replacement. Your contributions are tax deferred until you withdraw them in retirement and these contributions will reduce your annual income tax while still working.īill Morell, received his TSP 1099-R last week in the mail. Your take home pay will still increase year to year with this modest contribution increase. Even with inflation continuing to soar, now is the time to invest prudently for your future. If you aren’t currently contributing up to these limits, consider increasing your TSP contributions this year by at least one or two percent of your pay. The Thrift Savings Plan (TSP) elective deferred contribution limit increased to $22,500 for FERS employees with an additional $7,500 catch-up contribution for those age 50 and over. The 2023 pay charts are available for your review. ![]() Federal employees received a significant pay increase this year, 4.1% across the board with a. It’s the beginning of a new year! A good time for those planning their retirement to assess where they are financially, and take the necessary steps to secure their future. They can sign-up to receive my free Retirement Planning Newsletter. ![]() ![]() Forward this to others that may find this information helpful. ![]()
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