Get TSP-17 2010

If you don't remember whether you've submitted a Form TSP-3 or you're not sure who you named as your beneficiaries, look at your annual statement, check the online wizard, or call the ThriftLine at 1-877-968-3778. Even if you're certain your designated beneficiaries are current, check them periodically.

Payment of death benefits In order for your beneficiaries to receive your account balance after your death, they (or their representatives) must complete Form TSP-17, Information Relating to Deceased Participant, and submit it with a copy of the certified death certificate.

A surviving spouse who is entitled to receive all or a part of a deceased participant's TSP account will have his or her entire death benefit automatically deposited into a Beneficiary Participant Account (BPA).

Another reason to consider a rollover is because of withdrawal options. One of the biggest downsides to the TSP is that it limits how you can take money out in retirement. In many cases, these limits won't present an issue. But if you need more flexibility, a rollover may be necessary.

No, you should not include your TSP contributions separately on your tax return. All you have to do is report W2 data in Turbo Tax exactly as it appears on the form. The TSP plan contributions you elect to make come directly out of your salary.

A beneficiary who is not a surviving spouse cannot retain a TSP account. ... If a beneficiary participant dies, the new beneficiary(ies) cannot continue to maintain the account in the TSP. Also, the death benefit payment can- not be transferred or rolled over into any type of IRA or plan.

With the TSP, you are exempt from the early withdrawal penalty if you separate from federal service in the year in which you reach age 55 or later. For IRAs, the early withdrawal penalty will apply on anything you take out up until you reach the age of 59 ½.

TSP withdrawals and earned incomeTSP withdrawals are not considered earned income.