Q: I have recently taken Voluntary Early Retirement from the Postal Service as of Oct. 31, 2009. I want to withdraw money from my Thrift Savings Plan account under the 72(t) section, but am having difficulty filling out the TSP 70 form correctly. I want to do it right the first time so that my case is handled properly and I do not have to encounter any complications later on. Can you guide me on how to fill out this form correctly? I turn 55 on Dec. 2, I am married, and my TSP balance is approximately $400,000.
A: The form includes very specific instructions for completing each section, so I’m not going to reprint them here. You’ll need to decide which 72(t) withdrawal option you’re going to use and then fill in item 23 of the form accordingly. If you’re not sure how to calculate the various 72(t) options, I suggest that you engage a certified public accountant to help you.