Taxes
Q. I will be retiring from the military at age 66 in June. I only have about $40,000 in my Thrift Savings Plan account and would like a lump-sum withdrawal. How can you figure out how much will be...
View ArticleDeadline for partial withdrawal
Q. I retired Dec. 29 at the age of 70 years and five months. I plan to take my Thrift Savings Plan money out, according to the Internal Revenue Service required minimum distribution table, which I...
View ArticleTiming of TSP withdrawal
Q. I am thinking of retiring soon and am considering taking a one-time post-retirement withdrawal from my Thrift Savings Plan to cover some debts so that I can live on my annuity. When requesting such...
View ArticleTSP partial withdrawal after tax distribution declared
Q. I have a general purpose loan and am planning to retire soon. If I choose not to repay the loan and take a tax distribution, will I still be entitled to make one partial withdrawal after retirement?...
View ArticleRollover mistake
Q. I’m a recent federal retiree and was attempting to rollover my Thrift Savings Plan account to an IRA. I filled out the proper forms and had the financial institution where I’m rolling over the funds...
View ArticleTSP and retirement
Q. I will be retiring very soon. Can I withdraw some of the money in the Thrift Savings Plan and leave the rest there to buy an annuity later when the interest rate is better? A. Yes.
View ArticleTSP withdrawal
Q. Can I take $20,000 out and get a monthly annuity from the rest of the money? A. Yes.
View ArticleWorkers’ comp and TSP withdrawal
Q. I am below the age for Thrift Savings Plan withdrawal without penalty (soon to be 50), but it looks like I will be out on workers’ compensation under permanent disability shortly. Due to the impact...
View ArticleRolling TSP into IRA
Q. Can you elaborate more on the “Ask the Experts” answer at http://blogs.federaltimes.com/federal-money/2011/02/16/rolling-a-portion-of-tsp-balance-into-self-directed-ira/. The answer seems to imply...
View ArticleTSP withdrawal
Q. I am 64 years old and will be retiring in a year. I have 15 years with the federal government. Do all of my Thrift Savings Plan contributions have to be withdrawn prior to a specific age? I also...
View ArticleTaxes
Q. I will be 59½ this time next year. I would like to withdraw a one-time lump sum. What is the tax percentage rate I would pay in federal and state (Michigan) taxes? A. The answer will depend entirely...
View ArticleRoth TSP withdrawal
Q. I am 47 and hope to retire at my minimum retirement age in nine years. I contribute to both my traditional Thrift Savings Plan and Roth TSP. A publication I read, “Important Tax Information about...
View ArticleRoth TSP rollover
Q. If I contribute $40,000 to my Roth TSP account, it grows to $60,000 and I subsequently leave government service and roll that Roth TSP into a Roth IRA, wouldn’t I be able to immediately withdraw up...
View ArticleOne-time TSP withdrawal
Q. I am 60 years old and, for seven years, have been separated from 21 years of federal service. I have never made any withdrawals from my Thrift Savings Plan account. I am interested in making a...
View ArticleTSP withdrawal
Q. Can I withdraw my total funds from the Thrift Savings Plan without penalty at age 62? A. Yes.
View ArticleTSP withdrawal penalty after MRA but before 59 1/2
Q. I will have over 30 years of service when I reach my minimum retirement age of 57. If I retire and start withdrawing Thrift Savings Plan money, will I pay an extra tax for taking out payments before...
View ArticleMilitary buyback with TSP funds?
Q. What types of funds can be used to buy back military service time (nonqualified, qualified, Thrift Savings Plan account funds, IRA funds)? A. Only after-tax money can be used, so you can’t use TSP,...
View ArticleRMD at 70 1/2 if still working?
Q. I am a FERS employee who will turn 70 in September. I fully expect to be working at 70½. Will I be required to take the minimum withdrawal from my Thrift Savings Plan account if I’m still working?...
View ArticleSocial Security and tax deductions from annuity and TSP
Q. When I retire, I will be 59½ and will have 30 years of service at the Postal Service. I will not have any earned income from that point on. I understand federal and state taxes will be taken out of...
View ArticlePenalty on TSP withdrawal?
Q. My age is 52. I worked 22 years in the Postal Service. I have a Thrift Savings Plan account and am now retired due to a disability. If I make a full withdrawal, will I be penalized? A. Yes, unless...
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