Browsing: Roth TSP

Roth transfers

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Q. Can you transfer Voluntary Contributions into the Roth balance of your TSP account? A. No. Transfers into the Roth TSP are limited to Roth 401k, Roth 403b and Roth 457b plan balances.

TSP and Roth TSP

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Q. Upon retirement I want to transfer my Roth TSP out so I have more flexibility with taxes. Currently, I have all of my TSP money invested into the Roth TSP. Once retired, I want to transfer all but $1 to another firm into both a regular IRA rollover and Roth IRA rollover so that the two  types of TSP accounts are no longer co-mingled. I then want to transfer my regular IRA back into the TSP in order to keep the two types of accounts separate (regular TSP at the TSP and Roth TSP with outside brokerage firm in…

Time restrictions for voluntary contributions to private Roth

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Q. I understand that it is possible to transfer Voluntary Contribution account deposits to a private Roth IRA (with any pre-tax interest earned going to TSP), but I’ve also been told there’s a five year ‘holding’ requirement for the Roth. I currently have a private Roth account that is more than five years old. Does the five year requirement mentioned in conjunction with the VC mean that the money should be placed into a new and distinct Roth account, so that an additional five years holding can be tracked, or can the VC contributions (without interest) be added to the…

Traditional TSP vs. Roth TSP

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Q. I am 24 years old and I have been contributing 15 to 20 percent of my pay to a traditional TSP for 3 years now. When I started my TSP, the option to invest in a Roth TSP was not available. I have a decent amount of money in my traditional TSP right now. I’m curious if it would be better to stop contributing to my traditional and let it grow and start contributing to a Roth TSP or continue to invest in my current plan and maintain my current compounding interest? I’m nervous that if I change my…

Paying taxes at retirement on TSP balance

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Q. Is it possible to pay all taxes on the Thrift Savings Plan at retirement and then still keep money in a Roth TSP? If not, is there any way to convert money in TSP before I turn 70 to avoid having to take minimum distribution? I do not want to pay taxes again on money that I may not need if it is paid out as a minimum distribution. A. You may not convert a traditional TSP balance to a Roth TSP balance. You should also reconsider the logic of what you’re trying to do, which is electing to…

Combining TSP accounts

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Q. I was enlisted in the Marine Corps from 2004 to 2008 and have been a full-time employee at the Social Security Administration since March 2012. So, I have a uniformed services Thrift Savings Plan account and a civilian TSP account (using pretax and Roth contributions). Nothing has been contributed to the uniformed services account since I left the Marines in 2008, so I asked someone in human resources here if I could combine the accounts. I was initially told this wasn’t possible, but after my own research, I found Form TSP-65 – Request To Combine Civilian and Uniformed Services…

Roth TSP and Roth IRA combined contributions

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Q. I have a Roth IRA and Roth TSP, and I am not eligible for catch-up contributions at this time due to my age. What is the maximum I can contribute to both for FY13? A. There is not a combined maximum, and the limits apply to calendar years, not fiscal years. The most that you can contribute to the Roth TSP for 2014 without catch-up is $17,500. The limit for Roth IRA contributions for 2014 is $5,500, but this might be reduced for you based on your tax filing status and income for the year. You should consult IRS…

Roth TSP vs. TSP income limits

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Q. I’m a little unclear on the Roth IRA vs. Roth TSP differences. I’ve been told that I can’t contribute to a Roth IRA since my adjusted gross income (married, filing jointly) is too high. Does that same rule apply to the Roth TSP? It seems to me, if I can go with the Roth TSP and max it out at the 2014 maximum of $17,500, I can also max out the Veterans Affairs Department contribution (which goes to my traditional TSP). A. The Roth IRA contribution limits do not apply to Roth TSP contributions. Separate and distinct rules apply…

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