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Thread: weatherweenie's account talk

  1. #589

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    Default Re: weatherweenie's account talk

    Under the CARES ACT, if you or your spouse happen to be affected by COVID, you may be able to take a penalty free withdrawal of up to $100,000. Lots of specific requirements and details: https://www.tsp.gov/covid-19/withdra...ed-by-covid-19

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  3. #590

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    Default Re: weatherweenie's account talk

    Quote Originally Posted by flalaw97 View Post
    Under the CARES ACT, if you or your spouse happen to be affected by COVID, you may be able to take a penalty free withdrawal of up to $100,000. Lots of specific requirements and details: https://www.tsp.gov/covid-19/withdra...ed-by-covid-19
    A nice short term option. But what about the long term affect of not having that money and it's earnings when you get ready to retire.
    May the force be with us.

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  5. #591

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    Default Re: weatherweenie's account talk

    That was in response to rangerray and weatherweenie who said they wanted to move money out of TSP without the penalty. I think that if you pull the $100K under the act and then immediately put it back in a 401K outside of TSP there are no pnealties, no taxes. They expressed the desire to move funds out of TSP to a fund that they have more control over so I am assuming they are talking about another retirement fund that wouldn't limit the trading within the fund.

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  7. #592

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    Default Re: weatherweenie's account talk

    Quote Originally Posted by flalaw97 View Post
    That was in response to rangerray and weatherweenie who said they wanted to move money out of TSP without the penalty. I think that if you pull the $100K under the act and then immediately put it back in a 401K outside of TSP there are no pnealties, no taxes. They expressed the desire to move funds out of TSP to a fund that they have more control over so I am assuming they are talking about another retirement fund that wouldn't limit the trading within the fund.

    Correct me if I'm wrong, but I think you can roll over your TSP funds into another retirement account at any time without a tax penalty. My issue will be getting regular monthly disbursement of funds prior to being 59 1/2 years old. I will, most likely, start pulling some funds from my account immediately after I retire at age 56.
    Scott Harrison
    Senatobia, MS

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  9. #593

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    Default Re: weatherweenie's account talk

    Quote Originally Posted by rangerray View Post
    Correct me if I'm wrong, but I think you can roll over your TSP funds into another retirement account at any time without a tax penalty. My issue will be getting regular monthly disbursement of funds prior to being 59 1/2 years old. I will, most likely, start pulling some funds from my account immediately after I retire at age 56.
    I think only "eligible distributions" can be rolled over. If you are under 59.5 that is limited I believe:

    From TSP website: What TSP distributions are considered “eligiblerollover distributions”?The following TSP distributions are eligible rolloverdistributions:
    • A single payment of part or all of an account after theparticipant separates from service
    • All automatic cashouts (i.e., payouts of accounts thatcontain less than $200)
    • Equal installment payments expected to be paid out inless than 10 years (unless payments are computed usingthe IRS life expectancy table)
    • Amounts paid to a participant after the completewithdrawal of a TSP account (e.g., a late contributionto a participant’s account)
    • An age-based in-service withdrawal
    • Death benefits paid to the spouse
    • Death benefits paid to a nonspouse provided thenonspouse requests a transfer to an inherited IRAdescribed in IRC § 402(c)(11)
    • Amounts paid to a current or former spouse under aqualifying court order or legal process

    But I could be missing something

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