Q. I plan to retire at age 69 and a half, and elect the monthly withdrawal option for the TSP. One year later, when I am 70 and a half, RMDs will kick in. Will my withdrawal option count as the RMD, or will I have to take the RMD on top of my monthly elected amount?
Browsing: RMD
Q. My wife and I are both federal employees under FERS, nearing seventy and about to retire. We have a question about how to make the required minimum distributions (RMDs). We each have a TSP account and each also have a rollover IRA from previous employment. We file taxes jointly. Must we take four separate RMDs from each of the four pre-tax accounts? Or, can we total up the combined amount of the four RMDs, and make one large withdrawal from one of the four accounts?
Q. I started making Roth TSP contributions in late 2012. I will be 70 years old in May 2017. I would like to roll over my Roth TSP into a Roth IRA before having to make any Required Minimum Distributions (RMD) from my TSP account. I think I will meet the 5-year rule for the Roth TSP on January 1, 2017. The year 2017 is also the year I turn 70 1/2, which, means, I think, that I must take a RMD of TSP funds in 2017. When should I do the rollover of the Roth TSP funds into a Roth IRA…
Q. I am a FERS retiree and following your advice, I have not touched my TSP. This year I must start Required Minimum Distributions and am thinking of having TSP buy an annuity. The news says “the Fed” may raise rates soon. Will that raise the TSP Annuity Interest Rate?
Q. I am aware that I do NOT have to take a RMD from my TSP if I am still working full time as a Fed beyond age 70. My Fed colleague and I would like to “Job Share”, with each of us working twenty hours per week after age 70. Will the IRS let me take only half what my RMD would have been had I retired full time? I don’t need the distribution money and prefer to leave as much as possible in the TSP.
Q. TSP declares an unpaid loan at retirement as a taxable distribution. Participant is over 70 1/2. Does that taxable distribution satisfy the minimum distribution in the first year of retirement? Any research information is appreciated.
Q. I have funds in my TSP account, turn 70 ½ in 2015, and have recently been furloughed from federal service but have not resigned or been separated. I am eligible to return in 2015. I understand that if I return to federal service in 2015 without separating, I can resume TSP contributions and do not need to take RMD until I separate. However, I understand that if I am separated from federal service in 2015 and do not choose either an annuity or a monthly distribution plan, I must accept full distribution. In that case, can I call the…
Q. I turned 71 on 3 Feb. 3, 2014. I have not taken anything out of my TSP. I am still working, but not for much longer. Will I have to make two RMDs in 2014? Am I subject to any penalties as I stand now? A. Since you were working, there was no RMD due for 2013. Your first RMD, for 2014, will be due by April 1, 2015. Your second RMD, for 2015, will be due by Dec. 31, 2015. You may take the first RMD, after you retire, in either 2014 or 2015, or split between both. You’ll find more…