Browsing: IRA

Q. I am a 54-year-old federal worker with a sizeable TSP account balance. My 26-year-old daughter, also a federal worker, invests regularly in the TSP. If I leave my daughter my TSP after I die, is she allowed to transfer the inherited portion of the TSP into her own TSP account? If so, is the inherited TSP money treated the same as her TSP contributions? If not, how so?

Q. I am retiring from federal service after 27 years. I am going to roll my TSP account over into an IRA account. I will have an outstanding TSP loan balance of far less than the value of my account, unless I pay it off. If I decide not to pay it off and take a partial distribution next year for tax purposes, will that delay the processing of my rollover at retirement?

Q. I retired as an air traffic controller at age 50 in 2008. In order to take money from TSP, I had to do it based on life expectancy. Now at 57 I want to make a one-time withdrawal. I’m being told I will not be able to do this for some reason (which is not clearly stated anywhere). Why is this? Where is it stated I cannot make a withdrawal? What are my options now?

The Thrift Savings Plan  offers you two ways to save for retirement. You may elect to defer your federal pay into a traditional account, before state and federal income taxes are deducted, or you may defer your pay, after taxes, into a Roth account. You may use one, the other or both options, and start or stop either or both types of contributions when you like. Based on the questions I receive from Federal Times readers through the “Ask the Experts” forum online, the “pay now and not later” approach offered by the Roth account is inherently appealing to many…

Q. Is it possible/advisable or a good idea to roll money I have from established IRAs (both traditional and ROTH) into my TSP account? Basically, paying into TSP over a number of years playing ‘catch up’ since I’m over 50. What kind of penalties or taxes would I be looking at?

Q. I am eligible to retire next year at age 50 as a law enforcement officer under FERS. I plan on taking life expectancy payments from my TSP/401(k) as soon as I retire. If, upon retirement, I elect to transfer my TSP balance to a company like Vanguard, will I still be able to withdraw life expectancy payments from Vanguard and avoid the 10 percent early withdrawal penalty?

Q. My wife and I are both federal employees under FERS, nearing seventy and about to retire. We have a question about how to make the required minimum distributions (RMDs). We each have a TSP account and each also have a rollover IRA from previous employment. We file taxes jointly. Must we take four separate RMDs from each of the four pre-tax accounts? Or, can we total up the combined amount of the four RMDs, and make one large withdrawal from one of the four accounts?

Q. I started making Roth TSP contributions in late 2012. I will be 70 years old in May 2017. I would like to roll over my Roth TSP into a Roth IRA before having to make any Required Minimum Distributions (RMD) from my TSP account. I think I will meet the 5-year rule for the Roth TSP on January 1, 2017. The year 2017 is also the year I turn 70 1/2, which, means, I think, that I must take a RMD of TSP funds in 2017. When should I do the rollover of the Roth TSP funds into a Roth IRA…

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