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Thread: Loan

  1. Default Re: Loan

    @ Sensei

    My turn around time was about 10 days to recieve the loan or funds electronicaly. However it takes 72hrs for the paperwork to be processed at TSP. I waited a week or more and when nothing came through I called. Found out I missed one step on my application and it stopped the request. ( a birthdate yr was fat fingured and didn't match my account date) I never was notified or called. So any time i now make a withdrawl of some kind I always submit the paperwork by FAX. Then call later that day or the next day to ensure all the paperwork was correct. I have closed two prior TSP accounts and gotten the money within the 10 days when I verified everything was correct.

    Hope this helps

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  3. #14

    Join Date
    Jan 2011
    Location
    Okinawa, Japan
    Posts
    1,456

    Default Re: Loan

    Thanks for all the feedback on the loans - both objective and subjective.

  4.  
  5. #15

    Join Date
    Jan 2011
    Location
    Okinawa, Japan
    Posts
    1,456

    Default Re: Loan

    Another question for the experts out there. I took out a loan a little over a week ago. The check made it, and I promptly deposited it. Today was payday, and my LES shows a deduction in line with the bi-weekly payback amount. However, when I log into tsp.gov, in recent transactions it shows the loan disbursement, my standard contribution for this pay period, and my agency matching contribution for this pay period. It does not show the repayment of the loan. So what's up? The money was witheld. Who's got it and when will it go back into my TSP balance?

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  7. #16

    Join Date
    Jan 2011
    Location
    Okinawa, Japan
    Posts
    1,456

    Default Re: Loan

    Quote Originally Posted by Sensei View Post
    Another question for the experts out there. I took out a loan a little over a week ago. The check made it, and I promptly deposited it. Today was payday, and my LES shows a deduction in line with the bi-weekly payback amount. However, when I log into tsp.gov, in recent transactions it shows the loan disbursement, my standard contribution for this pay period, and my agency matching contribution for this pay period. It does not show the repayment of the loan. So what's up? The money was witheld. Who's got it and when will it go back into my TSP balance?
    The loan repayment ended up posting in my recent transactions the next day. I don't know why the loan repayment is a day behind the contributions, but whatever. It seems OK.

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  9. #17

    Default Re: Loan

    I just payed off a TSP loan and the loan repayment always posted on Friday the full length of the loan.
    100% S Fund COB 16 March 2018

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  11. Default Re: Loan

    TSP Loans


    Sent from my iPhone using TSP Talk Forums


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  13. Default Re: Loan

    Good evening, I just started working for the fed a little over a year. 2 months ago I rolled over about 20K of my 401k from my last job. I am about to close on a home. I want to know if I can be able to take out the whole amount in the form of a loan or withdraw to pay towards my down pmt and closing costs.

    Would appreciate any suggestions or guidance.


    Sent from my iPhone using TSP Talk Forums

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  15. #20

    Join Date
    Jan 2014
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    7,885
    Blog Entries
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    Default Re: Loan

    Quote Originally Posted by manzao1975 View Post
    Good evening, I just started working for the fed a little over a year. 2 months ago I rolled over about 20K of my 401k from my last job. I am about to close on a home. I want to know if I can be able to take out the whole amount in the form of a loan or withdraw to pay towards my down pmt and closing costs.

    Would appreciate any suggestions or guidance.


    Sent from my iPhone using TSP Talk Forums
    Good eve'n,

    You can start here:

    https://www.tsp.gov/PlanParticipatio...html#LoanTypes

    Feel free to ask again if something's not clear.
    "In the land of idiots, the moron is King."--Unknown

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  17. Default Re: Loan

    Thanks for sharing the link. But do you think the tsp would allow me to take a loan out for the whole 20k since this is money I rolled over and does not include any agency matching or contribution. I am a little confused about the max limit and the 50k IRS annual limit. Any idea will be highly appreciated.


    Sent from my iPhone using TSP Talk Forums

  18.  
  19. #22

    Join Date
    Jan 2014
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    7,885
    Blog Entries
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    Default Re: Loan

    Quote Originally Posted by manzao1975 View Post
    Thanks for sharing the link. But do you think the tsp would allow me to take a loan out for the whole 20k since this is money I rolled over and does not include any agency matching or contribution. I am a little confused about the max limit and the 50k IRS annual limit. Any idea will be highly appreciated.


    Sent from my iPhone using TSP Talk Forums
    I'm not giving financial/tax advice; just posting a couple of links and asking a couple of rhetorical questions.

    Please see here:
    https://www.irs.gov/retirement-plans...arding-loans#3

    ($10,000, not $20k?)

    and here (page 2):
    https://www.tsp.gov/PDF/formspubs/tspbk04.pdf

    (Made at least $1,000 in payroll contributions [not including agency matching] to TSP in the last year and two months?)
    "In the land of idiots, the moron is King."--Unknown

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