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Thread: Cash Distribution From IRA

  1. #13

    Default Re: Cash Distribution From IRA

    Quote Originally Posted by Warrenlm View Post
    Just a note here. This goalpost will move, considerably, when you get to 75.

    Ya know, Warren ? I never even looked at that !!! I ASSUMED once you calculated your RMD, that was the amount set for life. I never thought about having to do the calc, every single year ! Hmmmmmm.....more research...

    Thanks for the head's up !


    Stoplight...
    "Too old to rock and roll...too young to die"... - I. Anderson

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  3. #14

    Join Date
    Jun 2006
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    Default Re: Cash Distribution From IRA

    I just recently went with the advice of my financial planner and pulled all my tsp (in processing now) to put into IRA 72T. He has ways of my money growing and I can use it at the same time. I have not seen the money yet but he is good in what he does and I have a lot of faith in him. I was tired of watch n and fret over the market so I put it all in his hands. Stocks,TSP and possible life insurance. Time will tell, stay tuned

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  5. #15

    Join Date
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    Default Re: Cash Distribution From IRA

    Went on line Friday to check status of tsp withdraw and saw where process has been halted and letter coming in mail, ut ohhhhh I wonder what happened?

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  7. #16

    Default Re: Cash Distribution From IRA

    Quote Originally Posted by GUCHI View Post
    Went on line Friday to check status of tsp withdraw and saw where process has been halted and letter coming in mail, ut ohhhhh I wonder what happened?
    Guchi,

    Just my 2 cents, based on personal experience : CALL TSP IMMEDIATELY !!! DO NOT wait for letter !!! Find out what's going on !

    I faxed in my request for a rollover, but they didn't get one page...thus, they were processing it as a full TSP distribution, in cash, to me...with all the tax consequences !!!

    Just my humble opinion...


    Stoplight...
    "Too old to rock and roll...too young to die"... - I. Anderson

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  9. #17

    Join Date
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    Default Re: Cash Distribution From IRA

    Also, they've probably uploaded the document whereby you can access it via the Correspondence? section of your online TSP account.

  10.  
  11. #18

    Join Date
    Jun 2006
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    Default Re: Cash Distribution From IRA

    I just so happened to call them today, simple fix and I will refax tomorrow. We will see.... But also I have been think n maybe waiting could benefit me, in the short short run.


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  13. #19

    Join Date
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    Texas
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    Default Re: Cash Distribution From IRA

    Quote Originally Posted by Stoplight View Post
    Ya know, Warren ? I never even looked at that !!! I ASSUMED once you calculated your RMD, that was the amount set for life. I never thought about having to do the calc, every single year ! Hmmmmmm.....more research...
    Stoplight,
    With typical 72T based on life expectancy used by TSP (there are some alternate methods with IRA) and Required Minimum Distributions (RMDs) at age 70.5, the amount changes each year based ending balance (12/31/XX) divided by the factor. The factors are different based on the table based on age. Tables are different for 72T and RMDs.
    An inherited IRA using stretch method, is calculated in similar manner, EOY balance divided by factor. The factor is established year after death based on individual's age, with it reduced by 1 each subsequent year.

    Publication 590-B (2015), Distributions from Individual Retirement Arrangements (IRAs) (Tables in Appendix)
    https://www.irs.gov/pub/irs-pdf/p590b.pdf or https://www.irs.gov/publications/p590b/index.html
    Which Table Do You Use To Determine Your Required Minimum Distribution? https://www.irs.gov/publications/p59...link1000230772

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  15. #20

    Default Re: Cash Distribution From IRA

    Quote Originally Posted by evilanne View Post
    Stoplight,
    With typical 72T based on life expectancy used by TSP (there are some alternate methods with IRA) and Required Minimum Distributions (RMDs) at age 70.5, the amount changes each year based ending balance (12/31/XX) divided by the factor. The factors are different based on the table based on age. Tables are different for 72T and RMDs.
    An inherited IRA using stretch method, is calculated in similar manner, EOY balance divided by factor. The factor is established year after death based on individual's age, with it reduced by 1 each subsequent year.

    Publication 590-B (2015), Distributions from Individual Retirement Arrangements (IRAs) (Tables in Appendix)
    https://www.irs.gov/pub/irs-pdf/p590b.pdf or https://www.irs.gov/publications/p590b/index.html
    Which Table Do You Use To Determine Your Required Minimum Distribution? https://www.irs.gov/publications/p59...link1000230772
    Evil,

    Thanks for all the info !!! I don't plan on sitting on my IRA until the RMD becomes an issue...but all y'all have given me some food for thought !!!

    I retired as "normal" FERS, with the SS "supplement"...that goes away next year, so it becomes a number crunching issue between taking SS at age 62, or taking withdrawals from our IRAs....

    Good stuff !!! Each person's "situation" is different !!!


    Stoplight...
    "Too old to rock and roll...too young to die"... - I. Anderson

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