Survivor tax query

[One_Haole]

My wife died and left me her TSP which I transferred into a regular IRA. The notice I got from the National Finance Center said, “See the enclosed notice for detailed tax information, including information pertaining to the $5000 death benefit exclusion.” A form TSP-583 was listed as an enclosure at the end of the letter. That was 15 years ago and I’m now 59 ½ and wish to withdraw the funds from the IRA. I can’t find the enclosure so I printed the TSP-583 (revised 11/2009, previous editions obsolete) from the TSP website. It nowhere mentions the $5000 death benefit exclusion. Anyone know if I can exclude $5000 from taxable income? If so, here is an embarrassing follow-up: I originally received $20,000 but in the care of my broker brother-in-law the IRA is now worth $300. Would I now only receive a $300 exclusion?

 

[alevin]

Welcome Haole, I hope one of our inheritors (there are a few here) will notice the question and be able to answer-I certainly can't. But....yeeow, I am so sorry to hear how well your BIL has been able to care for your IRA. Another reason for all the rest of us to get as good at understanding and managing our retirement funds as best we can, while we can-even if somebody else is doing the day to day for us.