Browsing: IRA

Q. Will TSP allow me to purchase one annuity from MetLife and a second annuity from a different provider?  The state I live in only insures annuities up to $250,000 and I’d like the remainder of my TSP balance to be insured by purchasing a second annuity from a different provider.  Are there any strategies I could employ to accomplish my goal of insuring the entire TSP balance that I’d like to use to purchase these annuities? 

Q. I am retired LEO, age 57, and I made a partial withdrawal of my TSP for a rollover to an IRA. Will I be able to use the remaining amount for a down payment for a home and close the account? If the withdrawal is not possible, would you provide guidance to obtain funds from the TSP for a down payment?

Q. I have read conflicting information concerning VCP to ROTH conversion and the five-year rule.  Based on this information, there may be a difference between the funds converted and the interest income generated in the ROTH account. Can you explain how the five-year rule applies in each case? A. The five-year waiting period for the converted funds and the interest they produce will begin on Jan. 1 of the year of the conversion. Check page 71 of IRS Publication 590 for an explanation of the rules. You should consult a qualified tax adviser regarding the rules and how they apply…

Q. After reviewing the TSP rules, it appears that I can’t transfer (or roll over) my Roth TSP monies into a qualified Roth IRA without a proportional share coming out of my traditional monies. Is this correct? I wanted to leave my traditional monies in my TSP and separate the Roth monies and roll them over into a Roth IRA.

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