Taking money from your account | The Thrift Savings Plan (TSP)
May 24, 2024 · Before making any decisions about taking money from your TSP account, you should review important information in the TSP publications that apply to your situation: Distributions—for all separated and beneficiary participants; In-Service Withdrawals; Tax Rules about TSP Payments; In-service withdrawals
Withdrawals in retirement | The Thrift Savings Plan (TSP)
Oct 4, 2024 · To request a TSP withdrawal or distribution after you leave federal service, log in to My Account to begin the request or contact the ThriftLine. Withdrawals and distributions cannot be reversed once they’ve been processed, so think carefully before you make a move.
In-service Withdrawal Basics | The Thrift Savings Plan (TSP)
Jul 18, 2022 · In-service withdrawals are withdrawals you make from your TSP account while you’re still working for the federal government or a member of the uniformed services. An in-service withdrawal can have a serious impact on your TSP account.
TSP Withdrawal Rules and Options - FedSmith
Feb 10, 2023 · When accessing funds in the TSP (Thrift Savings Plan), you need to know what rules are in place and the different ways to take a distribution from your plan. Before choosing one of these options, it is important to look at when a participant would …
Tax Strategies When Taking TSP Withdrawals | FedSmith.com
Apr 2, 2024 · Before withdrawing money, however, you need to consider the impact of those withdrawals on your tax liability and your Medicare premiums. To keep more money in your pocket, you should structure and time your TSP withdrawals to do …
TSP Updates In-service Age 59.5 Withdrawal Rules - My Federal Retirement
May 8, 2024 · A TSP participant who is eligible to make a TSP age 59.5 withdrawal should first read the TSP booklet Tax Rules about TSP Payments. Once they are ready to request a withdrawal, they should log into MyAccount at www.tsp.gov to begin the request.
TSP Required Minimum Distributions (RMDs) - My Federal Retirement
May 30, 2023 · Ed Zurndorfer provides a detailed outline of the required minimum distributions (withdrawals) for the Thrift Savings Plan including the required beginning dates under current law, how RMDs apply to the different TSP withdrawal options, and RMDs for TSP beneficiaries.
Thrift Savings Plan Withdrawal Considerations - USALearning
Traditional TSP withdrawals are subject to federal income tax and possibly state income tax as well, while Roth TSP withdrawals are not, as long as certain requirements are met. If married, your spouse must sign a consent waiver for an early distribution.
use this white paper to learn about recent changes to thrift savings plan (tsp) withdrawal options and factors to consider when deciding on a withdrawal strategy. you will also find links to additional resources—narfe webinars and tsp brochures—to help you plan your withdrawals. what’s new? change in required minimum distribution age
TSP Updates Financial Hardship Withdrawal Rules - My Federal Retirement
Earlier in 2024, the Thrift Savings Plan updated its rules for in-service withdrawals. There are two types of TSP in-service withdrawals. They are: (1) Financial hardship withdrawals and (2) Age-based (age 59.5) withdrawals.
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