Browsing: Tax

Q. When I retire I would like to pull money from my TSP (partial lump) to pay back a redeposit owed to my FERS. Can that be done and, if so, is the money taxed or suffer any other penalty? I will be 59 and 4 months upon my retirement Dec. 31, 2019. The redeposit is due 6 months prior to my retirement date. The amount I am paying back is $25,000.

Q. I’m retired and I wanted to rollover a 403(b) from a previous employer to my TSP. The problem is that the 403(b) does not sent a completed TSP-60 with the check. This has happened twice. I receive a letter from the TSP that they will hold the check for 15 days before sending it back to the sender. I know that there is a certain amount of time for having a tax-free transfer but I’m tired of this BS from both companies. Should I just request a full withdrawal from the 403(b) and deal with the taxes?

Q. I am considering taking a loan from my TSP to buy a car. I understand that if I retire before repaying the loan, the remaining amount will be declared a taxable distribution. I am old enough that when I retire I will have to take a minimum required distribution from my TSP each year. If the loan balance is declared a taxable distribution, will that amount count toward my minimum taxable distribution for that year?

Q. I began federal civil service 10/22/1983 and retired from the U.S. Department of Agriculture 5/13/2013 on an “early out” offer. For my nearly 30 years of service, I never left CSRS, paid Social Security, and qualified fully for CSRS Benefits at my retirement. I did, however, participate in the employee-only [no match from my agency] paid deduction that was an “option” for CSRS to build a THRIFT Saving Program that currently has an approximate current value of $235,000. I retired early and have been receiving monthly retirement benefits since 5/13/2013 [and thus a substantially reduced monthly benefit, but at my…

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