Thread: nnuut's Account Talk

I"m just waiting for the Turnaround, patience is a virtue!!Riding-the-bear.gif

The Markets are SUPER boiledpeanuts.jpg

This morning was tempting BUT I don't trust it, anything can happen. I'll stick it out in the GOOD FUND!frogpad.gifsmileymonsterface.gif

I like the Cacodemon

Anyone have a problem with TSP not paying taxes on their monthly collections from my account, to my bank? Why did they not take out taxes as required? I think this happened for 2 years and I didn't know about it. I think this is BIG trouble.smileymad.gif

​I have no idea how that works since I'm not drawing from my account yet, but that sounds like a PITA. Hope you get it figured out !!! That sux man....

Are they responsible for withholding federal tax? Social Security doesn't. For my pension they withhold federal tax, but I had to add state tax withholdings.

Originally Posted by nnuut

Anyone have a problem with TSP not paying taxes on their monthly collections from my account, to my bank? Why did they not take out taxes as required? I think this happened for 2 years and I didn't know about it. I think this is BIG trouble.smileymad.gif

You have to tell them how much you want them to withhold for federal taxes. You can do that on-line, if all you are doing is asking for more taxes to be taken out. They have no idea what other income you have is, so they don’t know to take any federal out unless you ask.

Here is the page that describes how you get taxes taken out changed:

https://www.tsp.gov/living-in-retire...rawal-request/

Good luck! I gotta do that too. My first full year, I only have been taking out $1,000 a month, so my federal taxes are small. Soon I am going to up my withdrawal, so I have to have them take taxes out.




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From the TSP website:

“We’re required to withhold for federal taxes from any taxable amount as if you are married with three dependents unless you elect a different option.

• you can choose to have an increase or decrease withholding amount or to have withholding waived.”

See the TSP pub on taxes:
https://www.tsp.gov/publications/tsp-780.pdf



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Thanks JAMES, they really stopped taxing for two years. They take it out of my Tax refund now. they have a minimum and the older you get the more you pay. It will be changed the next time.

Originally Posted by nnuut

Thanks JAMES, they really stopped taxing for two years. They take it out of my Tax refund now. they have a minimum and the older you get the more you pay. It will be changed the next time.

You can do it today , on-line for the data, and then get your spouse signature, and notarized, and it will start the next month. No need to wait and risk an underpayment penalty. Good luck!


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