Welcome Guest! To enable all features please Login or Register.

Notification

Icon
Error

TSP

Administered by the Federal Retirement Thrift Investment Board, this defined contribution plan for federal employees has roughly 4,614,874 participants, and over $358 billion in assets under management. Ask your TSP questions and post related topics here.

Options
Go to last post Go to first unread
icanzz  
#1 Posted : Monday, June 15, 2020 7:41:03 PM(UTC)
icanzz

Rank: Senior Member

Groups: Registered
Joined: 1/25/2012(UTC)
Posts: 381

Thanks: 2 times
Was thanked: 21 time(s) in 19 post(s)
Any special rules occur when/if you back to work for feds after 1 year or so? And you have withdrawn 100% of TSP after you did a non-retirement separation. Like my wife left Federal service a year ago...during or after age 55 so no early penalty for TSP withdrawal. She has offers to go back to feds...but would it be a big deal if she withdrew her TSP for substantial down payment to buy a house.

Just remembered while typing this that she did start TSP monthly automatic withdrawals once before after leaving feds...she went back to work for feds and they just stopped her TSP payments/withdrawals. She actually had to hound payroll for about 3 months to update her status with TSP to get put back in a "pay status" to get TSP withdrawals to stop.
Roger.D  
#2 Posted : Sunday, June 28, 2020 1:27:05 PM(UTC)
roger.d

Rank: Senior Member

Groups: Registered
Joined: 8/25/2016(UTC)
Posts: 4,576
United States
Location: Midwest

Thanks: 173 times
Was thanked: 1031 time(s) in 798 post(s)
Originally Posted by: icanzz Go to Quoted Post
Any special rules occur when/if you back to work for feds after 1 year or so? And you have withdrawn 100% of TSP after you did a non-retirement separation. Like my wife left Federal service a year ago...during or after age 55 so no early penalty for TSP withdrawal. She has offers to go back to feds...but would it be a big deal if she withdrew her TSP for substantial down payment to buy a house.

Just remembered while typing this that she did start TSP monthly automatic withdrawals once before after leaving feds...she went back to work for feds and they just stopped her TSP payments/withdrawals. She actually had to hound payroll for about 3 months to update her status with TSP to get put back in a "pay status" to get TSP withdrawals to stop.


I don't know what special rules you might be thinking of. If you are employed by the US government, you can participate in the TSP.
Endless Summer  
#3 Posted : Sunday, June 28, 2020 1:48:52 PM(UTC)
Endless Summer

Rank: Senior Member

Groups: Registered
Joined: 6/7/2016(UTC)
Posts: 1,208

Thanks: 56 times
Was thanked: 259 time(s) in 221 post(s)
Originally Posted by: icanzz Go to Quoted Post
Any special rules occur when/if you back to work for feds after 1 year or so? And you have withdrawn 100% of TSP after you did a non-retirement separation. Like my wife left Federal service a year ago...during or after age 55 so no early penalty for TSP withdrawal. She has offers to go back to feds...but would it be a big deal if she withdrew her TSP for substantial down payment to buy a house.

Just remembered while typing this that she did start TSP monthly automatic withdrawals once before after leaving feds...she went back to work for feds and they just stopped her TSP payments/withdrawals. She actually had to hound payroll for about 3 months to update her status with TSP to get put back in a "pay status" to get TSP withdrawals to stop.


There may not be early withdrawal penalty but won't you still pay taxes on it? That could make that house a lot more expensive based on how much you're taking out.

As for the withheld TSP contributions, when I changed jobs in the fed I had to renew my TSP docs. It didn't carry over.
icanzz  
#4 Posted : Wednesday, July 1, 2020 5:20:05 AM(UTC)
icanzz

Rank: Senior Member

Groups: Registered
Joined: 1/25/2012(UTC)
Posts: 381

Thanks: 2 times
Was thanked: 21 time(s) in 19 post(s)
Pay 20% tax by law. But get about half of that back when file return .
Roger.D  
#5 Posted : Wednesday, July 1, 2020 5:54:17 PM(UTC)
roger.d

Rank: Senior Member

Groups: Registered
Joined: 8/25/2016(UTC)
Posts: 4,576
United States
Location: Midwest

Thanks: 173 times
Was thanked: 1031 time(s) in 798 post(s)
Originally Posted by: icanzz Go to Quoted Post
Pay 20% tax by law. But get about half of that back when file return .



The question is about being reemployed by the feds and getting back into the TSP.


The withdrawal happened a couple of years ago. Water under the bridge.
Rss Feed  Atom Feed
Users browsing this topic
Guest
Forum Jump  
You cannot post new topics in this forum.
You cannot reply to topics in this forum.
You cannot delete your posts in this forum.
You cannot edit your posts in this forum.
You cannot create polls in this forum.
You cannot vote in polls in this forum.


This page was generated in 0.046 seconds.