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Thread: How to make a 59.5 Withdraw to a Vanguard rollover IRA

  1. #1

    Default How to make a 59.5 Withdraw to a Vanguard rollover IRA

    Iíll be able totake a 59.5 withdraw from TSP in a couple of months without the 10%early withdraw penalty and would like to rollover a portion of my TSPsavings to Vanguard. Has anyone rollover a 59.5 withdraw to arollover IRA in Vanguard? Given all the issues that I have heardabout the new TSP system, Iím not sure if this will be a difficult process. What are the steps that I would need to take for thiswithdraw? Iíve entered my wifeís email address into the TSPsystem so that TSP can send her the form to sign (assuming that thiscan be done online).



    Instead of askingTSP to mail the check to Vanguard, I would like the check mail to myhouse so that I can track it. However, I will ask TSP tomake the check payable to Vanguard (FBO my name) so that I wonít betax with a 20% withheld. Can this be done?

    Thank you.


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  3. #2

    Default Re: How to make a 59.5 Withdraw to a Vanguard rollover IRA

    I rolled over about 75% of my TSP to Vanguard this January. I just opened my Vanguard IRA Rollover account online including a Margin Agreement so I can move funds daily. I input that account number in the TSP website rollover section and moved everything online.. For nearly two weeks my funds were in limbo (of course while the market was going up). Once it showed up everything was good.

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  5. #3

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    Default Re: How to make a 59.5 Withdraw to a Vanguard rollover IRA

    Recommend you to a institution to institution rollover/transfer-- it should not come to you at all. Most brokerages will fill out the form for you and set up the account that it will be put into. It should NOT pass through your hands.

    Quote Originally Posted by dtech77 View Post
    Iíll be able totake a 59.5 withdraw from TSP in a couple of months without the 10%early withdraw penalty and would like to rollover a portion of my TSPsavings to Vanguard. Has anyone rollover a 59.5 withdraw to arollover IRA in Vanguard? Given all the issues that I have heardabout the new TSP system, Iím not sure if this will be a difficult process. What are the steps that I would need to take for thiswithdraw? Iíve entered my wifeís email address into the TSPsystem so that TSP can send her the form to sign (assuming that thiscan be done online).

    Instead of askingTSP to mail the check to Vanguard, I would like the check mail to myhouse so that I can track it. However, I will ask TSP tomake the check payable to Vanguard (FBO my name) so that I wonít betax with a 20% withheld. Can this be done?

    Thank you.

  6.  
  7. #4

    Default Re: How to make a 59.5 Withdraw to a Vanguard rollover IRA

    Quote Originally Posted by Skorcher View Post
    I rolled over about 75% of my TSP to Vanguard this January. I just opened my Vanguard IRA Rollover account online including a Margin Agreement so I can move funds daily. I input that account number in the TSP website rollover section and moved everything online.. For nearly two weeks my funds were in limbo (of course while the market was going up). Once it showed up everything was good.
    That's good to know. I'm still new to the TSP website. How do I navigate to the rollover section? Is it under Withdraw? Also, if everything is online, does it mean that TSP transferred your funds electronically instead of sending Vanguard a check? If it is all online, then I would feel safer to rollover a larger amount than I originally planned.

    I currently have a Vanguard IRA rollover account, but I don't know if I have the Margin Agreement. It is good to know that there is this agreement and I will check with Vanguard for this agreement.

    Thank you.

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