20% TSP early withdrawal penalty at 57?


I turned 57 in 2018 the calendar year in which I retired from federal service with 35 years and 6 months. I withdrew money from my TSP and was charged a 20% early withdrawal penalty. Since I was 57 should I have been subjected to pay the early withdrawal at 20%. If not how do I get my money back? I turned 57 on the 26th of July 2018 and retired 31 July 2018.

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Posted by (Questions: 1, Answers: 3)
Asked on May 24, 2019 3:45 pm
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You should not have had to pay an early withdrawal penalty. If 20% is the total amount that was withheld from your distribution, if was for federal income tax withholding, not for a penalty. There is a mandatory 20% withheld for federal income tax from single withdrawals (which is what your withdrawal appears to be).

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Posted by (Questions: 0, Answers: 82)
Answered on May 24, 2019 8:31 pm