Q. I am a recent VA employee and would like to contribute as much as possible. I have maxed out the TSP and from my understanding, since TSP isn’t an IRA, does that mean I can make contributions outside of the TSP as well?
Q. I’m retired as of May 31, 2015. In July 2015, I transferred most of my TSP account into an IRA (UBS financial services). Since I still have a TSP account, can I move the IRA money back into my TSP account? If so, can it be done this year? I heard I would have to wait two years before I could do that (so says a TSP representative). Would you agree with the representative on the two-year wait?
Q. My aunt passed away recently and bequeathed me approximately $50,000 from a rollover IRA. Upon receipt, may I deposit these funds into my TSP account? Are you aware of any tax implications if I do?
Q. From private industry, I have both a traditional and Roth IRA. As a govt civil servant, I contribute to my TSP. Instead of putting catch up contributions into my TSP, can I place the catch up contribution to my Individual IRA?
Q: I’m retired as of May 31 2015. In July 2015 I transferred most of my TSP account into an IRA (UBS financial). Since I still have a TSP account, can I move the IRA money back into my TSP account? If so, can it be done this year? I heard I would have to wait 2 years before I could do that (so says a TSP representative). Would you agree with the rep on the 2 year wait? Any more info on this subject would be appreciated.
Q. We are approaching the age to take required minimum distributions from our TSP accounts as well as three IRAs. The IRS allows one to take the entire calculated RMD from a single IRA (rather than each account) to satisfy the RMD. Can the TSP’s mandatory RMD be declined if one is taking the total calculated RMD from an IRA outside of TSP? If not, it might make sense to roll over our TSP accounts to IRAs to be able to use the combined withdrawal rule.
Q. What are tax and/or RMD consequences to a federal employee under FERS who is currently 70 1/2 years old and who does not plan to retire for 2-5 years, but is considering transferring a significant portion (three-quarters) of their TSP to a private insurance-company annuity? The annuity does qualify as an IRA. The federal employee does not plan to access the funds until retirement. Can the employee continue to work for federal government without taking an RMD or paying any taxes on the transfer?
Q. I am retiring at the end of December and wish to start a partial monthly withdrawal of my TSP. Can I set aside an amount for the monthly withdrawal and leave a balance in the TSP to take as a final withdrawal at a later date? Can the amount of the final withdrawal be rolled into an IRA at that time? Which form do I use to start the monthly withdrawal process? Do I wait until I am officially retired before I file the form and how long does it take for the payments to start?
Q. I’ve been a federal employee for nearly five years now. My previous employer had a Money Purchase Plan and Retirement Savings Plan (401k) that has now totaled nearly $100k via Vanguard. What should I do with those plans since I have not touched them in 5 years? Should I roll them over somehow into the TSP or even an IRA?