Thread: Monthly TSP Withdrawal Question

When you stopped the current installment payment, did your spouse have to sign a document?

PO

Originally Posted by PessOptimist

When you stopped the current installment payment, did your spouse have to sign a document?

PO

No, just to start the new one.

Yay, I actually got the increased monthly installment payment this month. So the process was painful, but worked.

I was hoping that I could change my monthly payment from within my account from now on (every January I'll give myself a COLA increase), but now I see that the link to do that has disappeared!

So it was just a temporary one-time thing that the rep added somehow, and I guess I'll have to call them every time I want to change the amount. That's ridiculous.

Thanks FTRIB, for giving me yet another reason to close my TSP account.

Having a great time on my trip...we're now in Portland, OR...Mt. Rainier is next...

Originally Posted by Tsunami

Yay, I actually got the increased monthly installment payment this month. So the process was painful, but worked.

I was hoping that I could change my monthly payment from within my account from now on (every January I'll give myself a COLA increase), but now I see that the link to do that has disappeared!

So it was just a temporary one-time thing that the rep added somehow, and I guess I'll have to call them every time I want to change the amount. That's ridiculous.

Thanks FTRIB, for giving me yet another reason to close my TSP account.

Having a great time on my trip...we're now in Portland, OR...Mt. Rainier is next...

That’s what I am hearing- that in order to make a change, you first have to STOP the monthly payment, then wait a day for that to process, and THEN the little button reappears to start requesting a new payout process.


Note: you are saying they processed your August withdrawal?
I just checked, and nothing has been Taken out for me for August. Yet I was supposed to get a $3k payment taken out August 15.

Anybody else not showing the August 2022 monthly withdrawal from their accounts? Is it just me?


Sent from my iPhone using TSP Talk Forums

I have been receiving a text each month with the withdrawal date. It has never been the promised date of the 15th but a date close to it ie 17th or the 19th, etc.

Originally Posted by James48843

I just checked, and nothing has been Taken out for me for August. Yet I was supposed to get a $3k payment taken out August 15.

Anybody else not showing the August 2022 monthly withdrawal from their accounts? Is it just me?


Sent from my iPhone using TSP Talk Forums

I got text Monday saying payment would be made. by 8/17, today my payment is showing in TSP and in my bank account. (I'm on life expectancy payments and haven't made any changes)

Account Activity only shows gross withdrawal. Today I found breakout under Savings & Retirement/Savings Plan/Payment History, I found where they showed taxes withheld and actual deposit amount. This is from upper left hand corner, circle with 3 lines. Nothing is easy to find on the new site.

Well I’ll add my positive experience with the TSP hotline since we read a lot of negative stuff. I needed to change/cancel my monthly payment to a different amount to satisfy underwriting for a loan we are working on in the midst of moving and buying and selling a home. I called the number about 8:30 this morning and navigated the menu to get to a nice lady who helped me very cheerfully and handled my issue very well. I didn’t have to wait on hold at all. Now she did say if I had to call operations that I would have to wait a long time so I think it matters what you’re trying to do.

Anyway it’s easy it seems to start a payment without talking to anyone on the app but I did have a positive interaction today on the phone changing it.

Hello TSP'rs, Anyone out there still having problems with TSP changing their monthly TSP Distribution amount without being requested to? My first distribution for this year was reduced by TSP. I have had the same amount for over five years. Possible they could have deducted Federal Tax Withholdings?

They did reduce the TSP Distribution amount by a Fed Tax W/H amount. I don't need the w/h amount anyone know how to cancel the w/h?

Originally Posted by Scout333

They did reduce the TSP Distribution amount by a Fed Tax W/H amount. I don't need the w/h amount anyone know how to cancel the w/h?

Same thing happened to me. Had the same payment for several years, and in the past they never took out any federal withholding. Now for first payment of 2023 they suddenly decide to withhold fed tax. Waiting to see if you get any helpful answers.

Originally Posted by TSATSO

Same thing happened to me. Had the same payment for several years, and in the past they never took out any federal withholding. Now for first payment of 2023 they suddenly decide to withhold fed tax. Waiting to see if you get any helpful answers.

Yikes, sounds like yet another reason to leave the TSP. I haven't had that problem, and was successful at changing the amount of my monthly withdrawal starting with this month's payment (and they actually got it right!)...but maybe that's only since I specifically requested to have no taxes taken from it again. I think if I hadn't said that when I spoke to the rep online they would have taken out taxes.
I like to adjust our federal annuity payments through OPM each year to manage taxes, but this year OPM started a new process where they're making that somewhat of a nightmare. You can no long specify a specific amount to take out...nope, they won't do that anymore...instead they use some unknown process that takes several days to calculate your withholding after you fill out an online form.
So through trial and error you dial in the amount you want taken out by changing the "extra withholding" amount.
What a joke.

I have a different TSP question...I'm hearing on the news that due to the deficit ceiling nonsense the Treasury is now going to stop making payments out of federal employees retirement accounts.
Uh, so starting next month they're not going to be making monthly TSP installment payments???!!!!
Is this true? Has this happened before?

Without the TSP income, my wife and I can get by on savings into July, and then after that I can cash in I bonds...that will last 5 months...then we're screwed...time to panic...this isn't good...and I'm thinking that if I go ahead and try to roll over my TSP to an IRA right now to be done with them, they won't let me, since all withdrawals from TSP accounts are on hold????

Originally Posted by Tsunami

Yikes, sounds like yet another reason to leave the TSP. I haven't had that problem, and was successful at changing the amount of my monthly withdrawal starting with this month's payment (and they actually got it right!)...but maybe that's only since I specifically requested to have no taxes taken from it again. I think if I hadn't said that when I spoke to the rep online they would have taken out taxes.
I like to adjust our federal annuity payments through OPM each year to manage taxes, but this year OPM started a new process where they're making that somewhat of a nightmare. You can no long specify a specific amount to take out...nope, they won't do that anymore...instead they use some unknown process that takes several days to calculate your withholding after you fill out an online form.
So through trial and error you dial in the amount you want taken out by changing the "extra withholding" amount.
What a joke.

I have a different TSP question...I'm hearing on the news that due to the deficit ceiling nonsense the Treasury is now going to stop making payments out of federal employees retirement accounts.
Uh, so starting next month they're not going to be making monthly TSP installment payments???!!!!
Is this true? Has this happened before?

Without the TSP income, my wife and I can get by on savings into July, and then after that I can cash in I bonds...that will last 5 months...then we're screwed...time to panic...this isn't good...and I'm thinking that if I go ahead and try to roll over my TSP to an IRA right now to be done with them, they won't let me, since all withdrawals from TSP accounts are on hold????

OK, per this article: https://www.bloomberg.com/news/artic...ing-debt-limit
it sounds like that was just bad reporting by the CBS Evening News or wherever I heard that statement about halting payments from feds retirement accounts.