Self Employment Plan

[chuck solloway]

Since retiring about a decade ago I have been contributing to a Self Employment Plan where taxes are deferred until money is paid out. Can this SEP be transferred into my existing TSP fund?

[tsptalk]

Welcome Chuck!

From www.tsp.gov (http://www.tsp.gov), page http://www.tsp.gov/features/chapter02a.html. You may need to cut and paste that link into a browser. Just clicking on it will only take you to the TSP home page.

Can I transfer or roll over money from an existing retirement plan to the TSP?

Yes. Whether you are an active or separated Federal employee you can transfer or roll over money from a traditional IRA or an eligible employer plan into your existing TSP account. If you are separated from service, you can transfer money into your TSP account unless you have already made a full withdrawal of your account or are receiving monthly payments.

The TSP can accept funds that were distributed from a traditional IRA or an eligible employer plan (or its designated financial institution). The money that you are transferring or rolling over must be considered an "eligible distribution" under the Internal Revenue Code. If you are considering a transfer, you should check with the administrator of the plan from which you wish to transfer the money (or your tax advisor) to ensure that the funds are eligible for transfer or rollover.

Note: The TSP can only accept transfers that consist of before-tax money. The money will be subject to income tax when it is eventually paid to you from your TSP account.