My statement shows there were required minimum distributions from my TSP account. What are minimum required distributions?
If you have separated from service, the IRS requires that you receive a certain portion of your account balance beginning in the year in which you become 70. This portion, known as a “minimum required distribution,” is based on your life expectancy. If you do not make a full withdrawal or begin monthly payments by the year in which you become 70, the TSP must send you the required distribution before April 1 of the following year. When you choose a withdrawal option, the TSP will determine whether you are required to have a portion of your account paid directly to you as a minimum distribution. The TSP will notify you and make any required minimum distribution payments to you as necessary.
Related Questions
- When the account holder dies after beginning to take Required Minimum Distributions (RMDs), must the beneficiary(ies) continue to take the distributions?
- When the account holder dies after beginning to take RMDs (Required Minimum Distributions), must the beneficiary(ies) continue to take the distributions?
- My statement shows there were required minimum distributions from my TSP account. What are minimum required distributions?
