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fedsoup1  
#1 Posted : Saturday, April 11, 2020 10:27:04 AM(UTC)

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Help! Took me 2020 RMD in March before CARES legislation passed allowing no penalty for not making a withdraw this year. Want to redeposit now and have contacted TSP for instructions on how to do it. Reply was they are working on it. Took forever to implement the TSP improvement legislation and I know that IRS normal rules say redeposit has to be made within 60 days. Am wondering if I should wait for TSP or deposit the money as a rollover into an IRA I have with another institution. Can anyone advise?
someoldguy  
#2 Posted : Saturday, April 11, 2020 12:49:14 PM(UTC)
someoldguy

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TSP is very slow under normal conditions and we are far from normal conditions. If you can do the IRA thing that might be better.
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TheRealOrange  
#3 Posted : Monday, April 13, 2020 9:49:00 AM(UTC)
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Originally Posted by: fedsoup1 Go to Quoted Post
Help! Took me 2020 RMD in March before CARES legislation passed allowing no penalty for not making a withdraw this year. Want to redeposit now and have contacted TSP for instructions on how to do it. Reply was they are working on it. Took forever to implement the TSP improvement legislation and I know that IRS normal rules say redeposit has to be made within 60 days. Am wondering if I should wait for TSP or deposit the money as a rollover into an IRA I have with another institution. Can anyone advise?

Here's a link to a FedSmith article today on this topic: https://www.fedsmith.com...e-rmds-2020-coronavirus/ . The article indicates that:

* TSP will not send any automatic RMD payments for 2020.
* If you make a withdrawal, TSP will withhold for federal taxes at the rate appropriate for the type of withdrawal you make, without regard to RMD rules that would otherwise apply. You can transfer or roll over to an IRA or eligible employer plan any otherwise eligible withdrawals you make. (See the TSP tax notice Important Tax Information About Payments From Your TSP Account for more information about eligible rollover distributions.) https://www.tsp.gov/PDF/formspubs/tsp-536.pdf

Unfortunately, the information did not address whether previously withdrawn funds could be redeposited.
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