Browsing: transfer

TSP transfer

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Q. I have been retired from the federal government for eight years and have worked for a private firm. I have a 401k that I have been contributing to since I started working for this firm. Can I transfer my existing 401k to the TSP when I stop working. A. Yes, as long as it doesn’t contain any after-tax money. Use Form TSP-60.

TSP transfer

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Q. My husband and I are looking at investing into a new hotel being built. I have worked in the hotel industry for 15 years, and this is a great opportunity for us. He has been active duty in the Air Force since 2011 and has roughly $20,000 in his TSP. Can he transfer his TSP balance to a Self Direct IRA to invest the money into the hotel deal? Are there penalties involved? He would continue his normal contributions to the TSP account as we move forward, but we are interested in using the $20,000 to invest in the…

TSP allocation

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Transferring spouse's 401K funds

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Roth IRA transfers and taxes

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Q. Can one transfer money from CSRS voluntary contribution (post-tax money) to a private Roth IRA without tax obligations? Can the interest be transferred to the Thrift Savings Plan? Is the amount transferred at retirement part of the maximum allowed ($23,000) for someone over 50? A. Yes, the VC post-tax money can be moved into a Roth IRA without tax. Yes, the earnings can be moved into the TSP, tax-deferred. No, the amount transferred is not considered a contribution.

Converting traditional TSP to Roth 401(k)

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Q. I am an active-duty military officer with 17 years of service. I would like to convert my traditional Thrift Savings Plan account to a Roth 401(k) and pay taxes now. I want to see if it is possible to transfer my balance to a traditional 401(k) with my civilian investment company and then convert that account to the Roth 401(k). Additionally, I want to minimize my taxes by doing this during my deployment this year, because I will be receiving tax-free pay for most of this year. Is this allowed and/or possible? I would love to pay zero or…

72(t)

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Q. Is it OK to transfer an established 72(t) program from one institution to another? A. As long as you don’t disturb the series of payments, I believe you can. But you should consult your tax preparer before you do it, to be sure.

TSP-to-IRA withdrawal

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Q. I retired early with more than 20 years of service due to work-related injuries. I am 50. I have more than $314,000 in my Thrift Savings Plan. I want to withdraw either a partial or full amount but also want to avoid the 10 percent penalty tax. If I transfer my money to an IRA, then make a withdrawal, will I be able to avoid the penalty? What are my options? A. You should consult IRS Publication 590 for the exceptions to the early withdrawal penalty that apply to IRAs. See Page 7 of the notice at https://www.tsp.gov/PDF/formspubs/tsp-536.pdf for…

Taxation on transfers

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Q. I am married, 60 years old and a FERS employee. I am not sure when I plan to retire, but I have a Thrift Savings Plan account and other investments. I would like to transfer as much as I can to the TSP account to have the best return. How will I be taxed on the money if it is going from one investment company to my account and then directly into TSP? Will it be taxable income for 2014 even if it was just a transfer? A. Transfers from a retirement plan account into the TSP are not taxable.

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