The evolution of lattice strains in fully annealed Fe–24Mn–3Al–2Si–1Ni–0.06C twinning-induced plasticity (TWIP) steel is investigated via in situ neutron diffraction during cyclic (tension–compression) loading between strain limits of ±1%. The pronounced Bauschinger effect observed upon load reversal is accounted for by a combination of the intergranular residual stresses and the intragranular sources of back stress, such as dislocation pile-ups at the intersection of stacking faults. The recently modified elasto-plastic self-consistent (EPSC) model which empirically accounts for both intergranular and intragranular back stresses has been successfully used to simulate the macroscopic stress–strain response and the evolution of the lattice strains. The EPSC model captures the experimentally observed tension–compression asymmetry as it accounts for the directionality of twinning as well as Schmid factor considerations. For the strain limits used in this study, the EPSC model also predicts that the lower flow stress on reverse shear loading reported in earlier Bauschinger-type experiments on TWIP steel is a geometrical or loading path effect.