Thread: Tsunami's Account Talk

Great article. Thanks for sharing.

Originally Posted by Tsunami

There's nothing to get notarized as part of the process. I'll move to G late next week, assuming we get the short-term top I'm expecting then (this morning's drop should be finishing a small wave 4), then initiate the rollover.
My wife will get an email from TSP to OK it.
I had to change TD Ameritrade's address in my TSP account this morning, so that probably started a new 7-day waiting period that will end next Friday.

This a good guide on what to expect for the process...

https://www.barfieldfinancial.com/ne...nsfer-a-how-to

Thanks for the follow-up I checked, apparently the process has changed (for the better) so I've put in the address and will wait 7 days.

I will be be very happy to have more control over these funds, I should have done this after I retired, but living overseas slows things down a bit.

I'm starting this process too. Retired 12/31 (ATC). Opened Schwab acct. Now initiating rollover. Talked to TSP specialist because I didn't feel the site was that intuitive and wanted some guidance. Specialist had no idea about special rules regarding penalties on early withdrawals before 59 1/2 for ATC, LEO, FF, etc. The new site is a disaster and at least one person at TSP doesn't know the rules. I'm going to leave some in TSP but most of it is going to an IRA. Time to get the money away from the Government...

Originally Posted by papahotel66

I'm starting this process too. Retired 12/31 (ATC). Opened Schwab acct. Now initiating rollover. Talked to TSP specialist because I didn't feel the site was that intuitive and wanted some guidance. Specialist had no idea about special rules regarding penalties on early withdrawals before 59 1/2 for ATC, LEO, FF, etc. The new site is a disaster and at least one person at TSP doesn't know the rules. I'm going to leave some in TSP but most of it is going to an IRA. Time to get the money away from the Government...

Not to hijack Tsunami's thread (as I hijack it). Many of these .gov websites suck ballz, I can honestly say TSP's is the the worst website I've encountered maybe ever. Nothing is easy to find, some things are downright confusing.

Originally Posted by JTH

Many of these .gov websites suck ballz, I can honestly say TSP's is the the worst website I've encountered maybe ever. Nothing is easy to find, some things are downright confusing.

By design

Yup!
I am on the site now and when I initiate the Partial Distribution up comes a blank page. The specialist walked me through getting to the page to enter the account information and address for the IRA transfer but now I get nothing on the page. The day I talked to them the monthly payment option was down. Can't wait to get out from under this mess!

Originally Posted by papahotel66

Yup!
I am on the site now and when I initiate the Partial Distribution up comes a blank page. The specialist walked me through getting to the page to enter the account information and address for the IRA transfer but now I get nothing on the page. The day I talked to them the monthly payment option was down. Can't wait to get out from under this mess!

The easiest way to navigate to the page where you add the address of the broker you will rollover to is to click on your account/profile icon in the upper right of your account page, then choose Financial Institutions.
In the dropdown menu choose "Rollover mailed to institution 1" or whichever option you're doing.

By the way, in Peter Eliades software...last night a new projection on the daily charts popped up. This is "preliminary" and would be "confirmed" if SPX can get through both the red/blue offset lines.
If that happens over the next week or two then there's a decent chance the market is headed to 4700+, gulp...every day more and more gurus are predicting a bull market and record highs are ahead, so...hmmm...

Daily chart projection to 4740.jpg

Things are steadily looking more bullish, but Sven points out a major hurdle the market needs to get through just overhead at 4217.
I'll be moving to G soon regardless, ahead of my rollover to an IRA, but if the market is down hard Monday that move will be sooner than I planned on...

https://www.youtube.com/watch?v=NDEaOs0J2lM

Originally Posted by Tsunami

This a good guide on what to expect for the process...

https://www.barfieldfinancial.com/ne...nsfer-a-how-to

Originally Posted by Tsunami

Things are steadily looking more bullish, but Sven points out a major hurdle the market needs to get through just overhead at 4217.
I'll be moving to G soon regardless, ahead of my rollover to an IRA, but if the market is down hard Monday that move will be sooner than I planned on...

https://www.youtube.com/watch?v=NDEaOs0J2lM

Thank your for the link, great info, and I didn't know you must have a Roth IRA open for 5 years to avoid taxes on withdrawals, good info for anyone close to taking payments.

Special Roth 5 year rule. Please read this carefully. In order for your Roth IRA earnings distributions to be completely “qualified” (in other words, tax-free), you have to have had a Roth IRA open for 5 years. And the time you had the Roth TSP doesn’t count. So if you transfer your Roth TSP that you’ve had for 15 years to a Roth IRA and this is your first Roth IRA you’ve ever contributed to, then you have to wait 5 years for everything to be able to be withdrawn completely tax-free. However, if you already have a Roth IRA opened and funded, then the clock started when that one was opened. Moral of the story? Open a Roth IRA ASAP if you’re planning on transferring your Roth TSP to a Roth IRA down the road. Once the initial 5 year period is up, you’re good for future Roth IRAs that you open.

Originally Posted by Tsunami

The easiest way to navigate to the page where you add the address of the broker you will rollover to is to click on your account/profile icon in the upper right of your account page, then choose Financial Institutions.
In the dropdown menu choose "Rollover mailed to institution 1" or whichever option you're doing.

By the way, in Peter Eliades software...last night a new projection on the daily charts popped up. This is "preliminary" and would be "confirmed" if SPX can get through both the red/blue offset lines.
If that happens over the next week or two then there's a decent chance the market is headed to 4700+, gulp...every day more and more gurus are predicting a bull market and record highs are ahead, so...hmmm...

Daily chart projection to 4740.jpg

Thanks Tsunami!

Thanks for the information. Not all of the distribution would be taxed under the Roth 5 year rule.

From irs.gov - What happens if I take a distribution from my designated Roth account before the end of the 5-taxable-year period?

If you take a distribution from your designated Roth account before the end of the 5-taxable-year period, it is a nonqualified distribution. You must include the earnings portion of the nonqualified distribution in gross income. However, the basis (or contributions) portion of the nonqualified distribution is not included in gross income. The basis portion of the distribution is determined by multiplying the amount of the nonqualified distribution by the ratio of designated Roth contributions to the total designated Roth account balance. For example, if a nonqualified distribution of $5,000 is made from your designated Roth account when the account consists of $9,400 of designated Roth contributions and $600 of earnings, the distribution consists of $4,700 of designated Roth contributions (that are not includible in your gross income) and $300 of earnings (that are includible in your gross income).