Changing your withdrawal request
Once your withdrawal request is processed, you cannot return your withdrawal or change your withdrawal options. However, if you’ve chosen to withdraw money from your account through TSP installment payments, you can make the following changes at any time:
- stop payments
- change the source of payments (traditional, Roth, or both)
- start, stop, or change direct deposit of your payments
- change your federal tax withholding
If your current payments are of a fixed dollar amount that you chose when you set them up, you can also make these changes:
- change the dollar amount of your payments
- change the frequency of your payments (monthly, quarterly, or annual)
- start transferring your payments to an IRA or eligible employer plan (only if payments are expected to last less than 10 years)
- change or stop transfers (if currently transferring)
Important: Note that changing the amount or frequency of your payments is not valid for payments based on life expectancy. So we will change your payments to fixed-dollar-amount payments if you request such a change. You cannot change from payments of a fixed dollar amount to payments based on life expectancy, so this change will be permanent.
Making changes to your TSP installment payments
To make any of the allowable changes described above, use the online tool by logging in to My Account and selecting Withdrawals and Changes to Installment Payments from the menu. Depending on your circumstances, you may be able to complete your request entirely online.
If your signature or your spouse’s signature is required, or you’re making changes to transfers, you’ll see a prompt to print a summary of your request with requirements for notarized signatures or information from your financial institution. You may then submit the completed summary by upload through My Account or by mailing or faxing it to us according to the form instructions.
Be sure to carefully read the TSP tax notice, Tax Information for TSP Participants Receiving Installment Payments.” It outlines the rules for changing your monthly payments and details the tax implications associated with each monthly payment option.
If you’re currently receiving installment payments and want to choose a different amount, use our TSP Installment Payment Calculator to estimate how many payments you will receive and how long they will last.