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Thread: Rod's Account Talk

  1. #1201

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    Default Re: Rod's Account Talk

    Depending on whether or not a person is eligible to retire with full benefits, prior to 59.5 yrs old, there is this IRS regulation:
    Quote from pub 721, page 14:
    "Tax on early distributions. Any money paid to you from your TSP account before you reach age 591/2 may be subject to an additional 10% tax on early distributions. However, this additional tax doesn't apply in certain situations, including any of the following.
    • You receive the distribution and separate from government service during or after the calendar year in which you reach age 55."

    Quote Originally Posted by Rod View Post
    As long as you do a direct rollover (after military/civilian separation/retirement) to a broker, there won't be any penalties. Remember, if you are in a Roth IRA, you can withdraw your contributions at any time penalty and tax-free. You just can't withdraw the earnings penalty and tax-free before the age of 59.5.
    Weatherweenie's Account Talk
    Teddy Roosevelt: Patriotism means to stand by the country. It does not mean to stand by the president or any other public official. Retired on November 30, 2023 with 30+ years of service.

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  3. #1202

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    Default Re: Rod's Account Talk

    Sure. But just to clarify and make sure we are on the same page, you can still withdraw Roth contributions penalty and tax-free before the age of 59.5

    Located on page 2 of the pamphlet in the link:

    Note: You do not have to pay
    federal taxes on any tax-exempt or Roth contributions that are
    included in your withdrawal. But you do have to pay federal taxes
    on any earnings on these contributions if you have not met the
    conditions necessary for a qualified distribution.
    And those "conditions"...

    Roth earnings become qualified (i.e., paid tax-free) when the following two conditions have
    been met: (1) 5 years have passed since January 1 of the calendar year in which you made your
    first Roth contribution, and (2) you are age 59½ or older, permanently disabled, or deceased.
    Note: We cannot certify to the IRS that you meet the Internal Revenue Code’s definition of
    disability when your taxes are reported. Therefore, you must provide the justification to the
    IRS when you file your taxes.
    https://www.tsp.gov/PDF/formspubs/tspbk12.pdf

    Quote Originally Posted by weatherweenie View Post
    Depending on whether or not a person is eligible to retire with full benefits, prior to 59.5 yrs old, there is this IRS regulation:
    Quote from pub 721, page 14:
    "Tax on early distributions. Any money paid to you from your TSP account before you reach age 591/2 may be subject to an additional 10% tax on early distributions. However, this additional tax doesn't apply in certain situations, including any of the following.
    • You receive the distribution and separate from government service during or after the calendar year in which you reach age 55."
    "Treat your wife with honor, respect, and understanding as you live together so that you can pray effectively as husband and wife." 1 Peter 3:7

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  5. #1203

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    Thumbs up Re: Rod's Account Talk

    Look on the bright side...

    The indices remain up for the week... so far.

    S&P: +69.72

    Dow: +711.92

    Naz: +171.30

    Quote Originally Posted by Rod View Post
    Despite the roller coaster week, the major indices have banked some gains thus so far:

    S&P: +175.90

    Dow: +1,681.50

    Naz: +450.79

    Will these gains be relinquished today and tomorrow? It's difficult to say. But, if you've been caught on this roller coaster all week long, at least you have gains for now.

    God Bless
    "Treat your wife with honor, respect, and understanding as you live together so that you can pray effectively as husband and wife." 1 Peter 3:7

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  7. #1204

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    Default Re: Rod's Account Talk

    Crazy!

    Quote Originally Posted by Rod View Post
    Look on the bright side...

    The indices remain up for the week... so far.

    S&P: +69.72

    Dow: +711.92

    Naz: +171.30
    Weatherweenie's Account Talk
    Teddy Roosevelt: Patriotism means to stand by the country. It does not mean to stand by the president or any other public official. Retired on November 30, 2023 with 30+ years of service.

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  9. #1205

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    Lightbulb Re: Rod's Account Talk

    Interesting observation...

    As some of you "old timers" know, I was a buy-n-holder from 2 Nov 2009 - 23 Dec 2019. That allocation was 60 (C) and 40 (S). My total gains during that period (without any further contributions because I was retired) averaged 28% annually. My total monetary gain was 281%. My TSP balance had essentially tripled.

    Anyways, if I was still a buy-n-holder, I would be down 6.88% YTD. Instead, I am down 2.22%. It will be interesting to compare both of these by the end of the year.

    God Bless
    "Treat your wife with honor, respect, and understanding as you live together so that you can pray effectively as husband and wife." 1 Peter 3:7

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  11. #1206

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    Thumbs up Re: Rod's Account Talk

    Thankful to be 100 (F). AGG looks absolutely beautiful in pre-market:

    118.17 +1.17 (1.00%)

    Pre-Market: 8:15AM EST
    I'm hitting the road for the weekend. So, be careful out there!

    God Bless
    "Treat your wife with honor, respect, and understanding as you live together so that you can pray effectively as husband and wife." 1 Peter 3:7


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  13. #1207

    Default Re: Rod's Account Talk

    Great jobs numbers and futures head for a low. Living in interesting times sucks for the market! Enjoy your weekend!

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  15. #1208

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    Default Re: Rod's Account Talk

    Be careful with the F Fund...

    Dumb money is panicking. Smart money might be using the 'Dumb Money Panic of 2020' to enhance their quarterly window dressing. They are locking in very yummy profit - as we all know you ain't got a profit till you sell. Where did smart money park their assets? Have you been watching the lovely returns in the F Fund (U.S. Total Bond Market)? Yup...

    Will Smart Money want to be in bonds when they distribute their quarterly reports?

    If not, and if the market holds in correction territory, where do we think smart money will go - cash, bonds, or equities?
    Lookin' up at the 'G Fund'!!!

  16.  
  17. #1209

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    Default Re: Rod's Account Talk

    Nice pop in (F)! Cramer says not to trust today's short covering rally.
    "Treat your wife with honor, respect, and understanding as you live together so that you can pray effectively as husband and wife." 1 Peter 3:7

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  19. #1210

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    Default Re: Rod's Account Talk

    Wow...

    Futures are down over 4%.
    "Treat your wife with honor, respect, and understanding as you live together so that you can pray effectively as husband and wife." 1 Peter 3:7

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  21. #1211

    Default Re: Rod's Account Talk

    This is fixing to get real!

    In the mean time, I am trading micro-cap stocks that are testing for the Corona Virus. ENZ is my play now. You know what they say.....there's always a bull market somewhere. Last weeks play was INO.

    I have been watching this market daily since 1994. I have never seen the futures this low. Tomorrow will be a bloodbath!

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  23. #1212

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    Exclamation Re: Rod's Account Talk

    Quote Originally Posted by 1965Vintage View Post
    I have never seen the futures this low. Tomorrow will be a bloodbath!
    If these futures hold, it most certainly will. I truly feel for those caught up in this mess. My advice to them is not to capitulate so they can keep those share numbers intact. It will eventually recover, and then make new highs. It just might be awhile before that occurs. In the meantime, buy at these bargain prices which will get even cheaper!
    "Treat your wife with honor, respect, and understanding as you live together so that you can pray effectively as husband and wife." 1 Peter 3:7

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