Thread: So I made my 2nd IFT....

yeah I just called TSP to chat with them....and express my disgust for 2 per month. The guy was helpful and sympathetic, but informed me all that could be done is to write the tsp board regarding my disliking the limited IFT's. Thanks for the replies!

Nate,

Save your energy. You can always open a Roth IRA and probably should while you're young. That should be your trading vehicle while TSP is an accumulation vehicle - a fiduciary account.

Blaa blaa blaa. TSP = cottage industry that became a burrorcracy(sp). They all need to take drug tests.

So far birch i've only opened an individual account outside of tsp and trying to build up some kind of base there. Isnt a roth similar to the tsp in the sense that the contributions are pre-tax and you pay upon withdrawl?

Originally Posted by Nate

Isnt a roth similar to the tsp in the sense that the contributions are pre-tax and you pay upon withdrawl?

That's a traditional IRA. Roth deposits are made with after tax money. Roth withdrawals are tax free.

ahh...thanks!

The nice thing about a Roth IRA is that you can trade into deliriumousness without any IRS paperwork. It just takes awhile to build a base to make any money - but sometimes slow money is the best money. ANF is shaking my socks off today.

I've used my two IFTs for April. If I want to reallocate starting May 2, can I submit an IFT before 12:00 on Friday, Apr 29, with an effective date of May 2? I guess the question is, does this count as an April or May IFT?

Originally Posted by XOMek

I've used my two IFTs for April. If I want to reallocate starting May 2, can I submit an IFT before 12:00 on Friday, Apr 29, with an effective date of May 2? I guess the question is, does this count as an April or May IFT?

May, as it will be effective on the 2nd.

Originally Posted by Frixxxx

May, as it will be effective on the 2nd.

Frixxxx,

why would an IFT in Apr before 12 not be effective for that days closing?

It is early, am I confused?

I would think XOMek couldn't make an IFT for May until after 12 on 29 Apr or before 12 on 2 May?

Originally Posted by Scrappy

Frixxxx,

why would an IFT in Apr before 12 not be effective for that days closing?

It is early, am I confused?

I would think XOMek couldn't make an IFT for May until after 12 on 29 Apr or before 12 on 2 May?

OK, here's the deal.
February 2010 - I used both IFTs in the first week. Don't ask why.
On 26 February @ 1000, I executed an IFT request. The monies wouldn't move until the 1st of March. The system accepted the transaction.
I did this. and it worked.
But TSP says:
"Interfund transfers made on the TSP website or the ThriftLine before 12 noon Eastern time are generally processed that business day. You will receive a confirmation of your interfund transaction. " - TSP Website

Since the 29th of April is on the Friday at the end of the month, it should be processed as a request and executed the following trading day ~ 2 May.

Now, here's the kicker: I have tested the IFT transfers when I have already used my 2 IFTs. If it will not let you move funds, then they fixed the system. BUT it worked for me.

So, XOMek, if you are willing to be a 2011 test the IFT system for us, then try and make an IFT on Friday and post your results.