Q: Does this mean I can’t take a loan or retirement withdrawal until the government stops using TSP for government spending? A: No.
Browsing: loans
Q: I loaned money from FERS in 2010. Must I claim this on my income tax return? A: I suspect your question is about the TSP, but it’s not clear. TSP loans are not reported on your tax return.
Q: I am about five years from retirement under CSRS. I would like to take out a TSP loan to purchase a used car and to pay off a high-interest credit card balance. It seems to make sense to me since the interest rate is at 3.25 percent (G-fund). By being able to set the terms of the loan, I plan to have it paid off well before retiring. Does this make sense? What is the downside for my TSP account as I head toward retirement. A: You’ve explained your plan. I can’t tell you whether it’s the best option…
Q: I turned 55 this year and just applied for disability retirement under the Federal Employees Retirement System. I have large bills I want to pay off. My income will drop the first year, then will decrease $1,000 the following year before continuing at that rate. I realize if I keep my Thrift Savings Plan or roll it over once I leave service, I will not be able too take a loan on it. I realize I will need to pay my fair share of taxes, but is there a way I can work it out that I can take…
Q: I have a question regarding borrowing against my Thrift Savings Plan and would like your opinion on the scenario as to whether it would be worth it. I am 52 years old and have eight years as a Federal Employees Retirement System employee, and I intend to do 12 more years for a total of 20 years before I retire. Currently, I contribute approximately $600 each pay period into my TSP account, which currently totals about $100,000. I have about $20,000 in loans. Would it be sensible to borrow $20,000 against my TSP to pay off the loans? Or…
Q: I have a question regarding borrowing against TSP and would like your opinion on the scenario as to whether it would be worth borrowing against TSP. I am 52 and have eight years as a FERS employee and I intend to do 12 more years for a total of 20 years before I retire. Currently, I contribute approx $600/pay period into TSP which currently totals to approx $100,000. I have about $20,000 in loans. My questions is: would it be sensible to borrow $20,000 against my TSP to pay off the loans? Or should I leave my TSP alone?…
Q: I’m trying to procure a Thrift Savings Plan residential loan, with a general purpose loan outstanding. I’ve read the TSP loan book and made a copy of the pertinent pages, spoken to the TSP folks on several occasions and perused the IRS Web site. Do you know someone I can talk to who might provide me a definitive answer to my questions? At this point, I have a house purchase contract in my hands, and have been told that the amount available for a residential loan is far lower than I anticipated. A: The limits on TSP loans are…