Get Tsp-u-1 2019-2026

If you decide to roll over your TSP assets to an IRA, you can choose either a traditional IRA or Roth IRA. No taxes are due if you roll over assets from a traditional TSP account to a traditional IRA, or if you roll over your contributions and earnings from a Roth TSP account to a Roth IRA.

Your contributions to the Thrift Savings Plan must be made by payroll deduction; you cannot contribute a lump sum. ... If you are not able to max out your TSP contributions, increase your contributions to the full amount and add Aunt Bertha's money to your budget to plug the gap caused by your increased TSP contributions.

No you can't. All TSP contributions must come from payroll deduction or from rollovers from qualified plans. ... If you are fully funding the TSP, you can contribute to an Individual Retirement Arrangement (IRA) as long as you have earned income.

You can move the funds from your existing IRA into another qualified plan, such as a 401(k) or a different IRA, then close your old IRA without incurring an early withdrawal penalty. The best way to move your funds is through a direct trustee-to-trustee transfer.

A plan administrator (or trustee or custodian) can complete the transfer of a TSP participant's account based on the IRC's description of the TSP.

The TSP is administered pursuant to a statute, the Federal Employees' Retirement System Act. Only Congress can authorize after-tax contributions to the TSP or expand the TSP's withdrawal options.

Conclusion. It usually makes the most sense to keep your money in the TSP as long as you aren't withdrawing regularly. This way you can take advantage of the low investment fees in the TSP until the flexibility of an IRA becomes more practical.

How long does it take to withdraw money from the Thrift Savings Plan (TSP)? It generally takes between 7 and 10 business days to process a TSP withdrawal request once it has been properly completed and submitted.

Withdrawal Request for Separated and Beneficiary Participants. Form TSP-99. Use this form to: Log in to My Account and access the online tool to request a withdrawal if you are either separated from service or a beneficiary participant. Withholding Certificate for Pension or Annuity Payments.