Thanks for all the feedback on the loans - both objective and subjective.
@ 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
Thanks for all the feedback on the loans - both objective and subjective.
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?
I just payed off a TSP loan and the loan repayment always posted on Friday the full length of the loan.
100% G Fund COB 13 March 2020
TSP Loans
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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.
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Good eve'n,
You can start here:
https://www.tsp.gov/PlanParticipatio...html#LoanTypes
Feel free to ask again if something's not clear.
[COLOR=#0000ff][FONT=comic sans ms][I]"In the land of idiots, the moron is King."--Unknown[/I][/FONT][/COLOR]
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.
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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?)
[COLOR=#0000ff][FONT=comic sans ms][I]"In the land of idiots, the moron is King."--Unknown[/I][/FONT][/COLOR]
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