Browsing: RMD

Q. When I separate from service I don’t want to do anything with my Thrift Savings Plan funds until required minimum distributions are required at age 71.5. What form do I use to let the TSP know my intentions, and when would I file it?

Q. I plan to retire in September 2018 at the age of 58. Does it make sense to withdraw the max amount from TSP annually and remain in the 12 percent tax bracket or just take the minimum I need and pay more on taxes when I turn 70 and start drawing Social Security and required minimum distribution? If I choose option 1, I would probably invest the extra somewhere.

Q. My RMD for 2016 was withdrawn March 2017 and my RMD for 2017 was withdrawn in April and December 2017. My 1099-R reports the total of the RMDs with no distinction for how much was for 2016 and for 2017. Am I supposed to use Form 8606 for the TSP RMD? Form 8606 asks for the value of the IRA on Dec. 31, but I have two values (one for 2016 and one for 2017). Also, if TSP is not an IRA, what is it? Is there another form to put this info?

Q. I turned 70 ½ years old in December 2017. I retired Jan 31, 2018. I am just in the process of applying to withdraw my first Required Minimum Distribution from my Thrift Savings Plan, and decide in a few months what to do with the rest of the money. How can I show that is my intention, if the form I am given to fill up is the TSP-70 (Request for Full Withdrawal)? Also, I have already done a one-time withdrawal in 2013 from my TSP account. Now that I am retired, after I am issued the first RMD,…

Q. I receive a CSRS annuity only, I don’t have any other investments, i.e. TSP, IRAs or anything close. I turned 70 1/2 in 2017 and the required minimum distributions requirement is confusing. From what I’ve read the past couple of days, it appears that I don’t require any RMD for my situation. Can you clarify?

Q. I know with a traditional IRA if I don’t take my required minimum distributions by 12/31 of the calendar year I turn 70 1/2, I am subject to a steep penalty. However, in reviewing the TSP information, it seems like I can wait until April 1 of the following year, without penalty. Do I understand that right?

Q. I’ll be turning 70½ in 2018 and will start withdrawing my required minimum distribution. My plan is to leave my funds with TSP, then receive the minimum monthly payment and the rest at the end of each year. I’m going to invest a small amount in a balance account. The rest of the money I would like to save for my family. Should I put it in a regular savings account to be safe, or would you suggest something different?

Q. I retired from the federal government in 2013 (before age 70½) and left my TSP account intact. I will be 70½ this year, but continue to work full time as a college professor. Will I still be required to make a mandatory withdrawal from my TSP account even though I continue to work full time, or is that option only available to those who continue to work for the federal government after age 70½?

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