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Avoiding TSP Withdrawal Penalty with SEPP

Avoiding TSP Withdrawal Penalty with SEPP It’s no secret that you can avoid the 10% TSP withdrawal penalty on federal retirement plans like the TSP if you retire upon reaching age 55 (or later). However, if you are not yet at this stage and you’re still interested in retirement/separation from federal service, there is a way to avoid the…

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TSP Withdrawal Strategies and Goals – Immediate Spending

TSP Withdrawal Strategies and Goals – Immediate Spending Considering the bewildering array of Thrift Savings Plan withdrawal options and the complexity of the associated tax treatment, it’s no surprise that a lot of people simply choose the easiest TSP Withdrawal Strategies, regardless of their specific needs. However, it can be wise to make use of a combination of…

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The 20% Tax Trap Between a TSP Withdrawal and IRA Rollover

The 20% Tax Trap Between a TSP Withdrawal and IRA Rollover Most federal employees are aware that upon separation from service you should be able to transfer your TSP funds to an IRA without being taxed on the distribution. This tax deferral works just fine if your TSP withdrawal application seeks to have all or part of the…

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Retirement Benefits Court Order

Retirement Benefits Court Order When you make a TSP withdrawal request, one of the things that should be considered before approving the request is whether there is any Retirement Benefits Court Order that takes precedence over your withdrawal. The only type of distribution made to you that takes precedence over a court order is a Required Minimum Distribution…

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Age Based In-Service TSP Withdrawal Request

Age Based In-Service TSP Withdrawal Request If you reach age 59½ while you are still a federal employee you may be eligible to make an age-based, in-service TSP withdrawal. The rules and eligibility criteria are pretty simple. – The amount of your withdrawal must be at $1,000, or your entire vested balance (if it is…

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Auto Enrollment Contributions and Refunds Policy

Auto Enrollment Contributions and Refunds Policy If you need money and want to raid your federal savings plan accounts, a TSP withdrawal (or TSP loan) is not the only option. Under certain conditions, new federal employees may also be able to request a refund of your auto enrollment contributions. This is available only for employee contributions made in the…

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TSP 79: Changing Your TSP Withdrawal Request

Like most things in life, a TSP withdrawal that has been processed cannot be “unprocessed.” This means you cannot return all the money and say thanks, but no thanks. But depending on the kind of withdrawal option(s) you chose, you may still have the option of changing TSP Withdrawal Request. If you have accepted a single payment…

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TSP Special Withdrawal Considerations – Spouses’ Rights

For most federal employees, a TSP withdrawal after separating from federal service is simply a matter of filling up Form TSP 70 or TSP 77. However, there are some special considerations that some people will need to factor in. For example, one of these considerations is about TSP withdrawal spousal rights. These TSP Withdrawal Spousal Rights, insofar as it impacts…

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List and Summary of TSP Withdrawal Forms

List and Summary of TSP Withdrawal Forms For those considering a TSP withdrawal, one of the key things to do is select and fill out the correct form based on what kind of withdrawal you are planning to make. The Thrift Savings Plan has different forms for all the different types of withdrawals. Here’s a listing and brief…

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