Q. I have my personal investments with Wells Fargo. Would it be practical to move all of my Wells Fargo investments to the TSP to avoid the 1 percent fees I am charged? I know the TSP is very low cost.
Q. The state of Hawaii does not tax social security and government pensions and annuities. If I purchase an annuity through TSP with my TSP balance when I retire and begin receiving lifetime income, is this considered a “government annuity” and therefore not subject to Hawaii state income tax?
Q. I have a current loan that I am paying on in my TSP account. I am going to retire in May 2018 and I have already made a in service withdrawal from my TSP account. I will be 86 years of age when I retire, with more than 28 years of service. Is it possible to take a withdrawal to pay for the outstanding loan in the amount of $18,000? I do have a balance in my TSP account of more than $320,000. I have no other way to obtain these funds.
Q. I am a separated federal employee, not of age and I am on Office of Workers’ Compensation Programs federal disability. I’m going to do a TSP early withdrawal. I have a few questions that I could not find while researching my options: 1) Being on federal disability, can I even apply for financial hardship withdrawal? 2) What is the difference (if any) between financial hardship withdrawal & early partial withdrawal? Is there any benefit filing one or the other? 3) At the end of the year I know I’ll have a 1099 and there is a 10 percent penalty.…
Q. I was forced to liquidate almost all of my savings, stocks, etc., five years ago to assist a family member with some much-needed medical financial assistance. I am 54 years old, and plan on working for an additional 14 years. I’m currently putting $350/pay period into TSP with contribution allocations in L2030 (10%), C Fund (45%) and S Fund (45%). Balances are $13,662, $2,730 and $10,986, respectively. Every opportunity I get, I increase my contribution. Here’s my question: Based on the short amount of time I have left to retire (14 years), is my allocation percentage into the three funds…
Q. I have 29 1/2 years in with the U.S. Postal Service. In February 2011, it will be 30 years and I will be 55. Can I withdraw all my TSP contributions then or do I have to wait to be a certain age? Also, is it taxed then? Any early penalties?
Q. My RMD for 2016 was withdrawn March 2017 and my RMD for 2017 was withdrawn in April and December 2017. My 1099-R reports the total of the RMDs with no distinction for how much was for 2016 and for 2017. Am I supposed to use Form 8606 for the TSP RMD? Form 8606 asks for the value of the IRA on Dec. 31, but I have two values (one for 2016 and one for 2017). Also, if TSP is not an IRA, what is it? Is there another form to put this info?
Q. I want to deposit 10 percent aggregate base pay into the CSRS Voluntary Contribution Program (VCP). How do I get my total accumulated pay over my entire CSRS work history? I worked at three Veterans Affairs centers. What forms are needed to roll the contributions into a Roth IRA? I have a traditional TSP, also.