Browsing: RMD

TSP rollover to IRA

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Q. I have funds in my TSP account, turn 70 ½ in 2015, and have recently been furloughed from federal service but have not resigned or been separated. I am eligible to return in 2015. I understand that if I return to federal service in 2015 without separating, I can resume TSP contributions and do not need to take RMD until I separate. However, I understand that if I am separated from federal service in 2015 and do not choose either an annuity or a monthly distribution plan, I must accept full distribution. In that case, can I call the…

RMDs and TSP

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Q. I turned 71 on 3 Feb. 3, 2014. I have not taken anything out of my TSP. I am still working, but not for much longer. Will I have to make two RMDs in 2014? Am I subject to any penalties as I stand now? A. Since you were working, there was no RMD due for 2013. Your first RMD, for 2014, will be due by April 1, 2015. Your second RMD, for 2015, will be due by Dec. 31, 2015. You may take the first RMD, after you retire, in either 2014 or 2015, or split between both. You’ll find more…