Search found 16 matches

by CCRewards
Sat Oct 17, 2020 11:20 am
Forum: Personal Finance (Not Investing)
Topic: [Can an inherited TSP be transferred to an inherited Roth IRA?]
Replies: 15
Views: 1247

Re: [Can an inherited TSP be transferred to an inherited Roth IRA?]

Yes, since this is a non IRA plan, a non spouse beneficiary can do a direct rollover to an inherited Roth IRA as well as the more typical inherited TIRA. Of course, your beneficiaries will be taxed on the amount rolled to an inherited Roth IRA from pre tax traditional TSP dollars. Accordingly, they...
by CCRewards
Fri Oct 02, 2020 10:26 am
Forum: Personal Finance (Not Investing)
Topic: [Can an inherited TSP be transferred to an inherited Roth IRA?]
Replies: 15
Views: 1247

Re: [Can an inherited TSP be transferred to an inherited Roth IRA?]

I've asked the wrong question, but it looks like it sparked an interesting discussion! There's a long thread somewhere where one user owns a TSP account while his spouse doesn't. Upon his death, the TSP goes directly to his spouse. Part of his "upon death" instructions for his wife is to t...
by CCRewards
Wed Sep 30, 2020 11:47 am
Forum: Personal Finance (Not Investing)
Topic: [Can an inherited TSP be transferred to an inherited Roth IRA?]
Replies: 15
Views: 1247

[Can an inherited TSP be transferred to an inherited Roth IRA?]

[Moved into a new thread from: Improving the TSP [for current participants] --admin LadyGeek] Just a side question (the only reason I ask it here is b/c this is where all the "TSP Knowledge" is located on the forum)... Can an inherited traditional TSP (non-spousal) be transferred to an in...
by CCRewards
Sat Dec 07, 2019 10:31 am
Forum: Personal Investments
Topic: New TSP Withdrawal Options
Replies: 4
Views: 441

Re: New TSP Withdrawal Options

This is a questions for the TSP, not a group of anonymous internet strangers. Call the TSP. Fair enough. As ridiculous as this may sound, I legitimately didn't even think to do that! I would assume you can, but why don't you just go through the online process on tsp.gov and see for yourself? You ca...
by CCRewards
Fri Dec 06, 2019 10:18 am
Forum: Personal Investments
Topic: New TSP Withdrawal Options
Replies: 4
Views: 441

New TSP Withdrawal Options

Hey all! I'm separated from the federal government and am currently pulling a monthly draw from the TSP. I'd like to change that to an annual daw instead (allowed by the new rules). I'm wondering about the dates. Can I schedule the date of the draw? If I change my withdrawal option for 2020 to be an...
by CCRewards
Mon Dec 18, 2017 11:20 am
Forum: Personal Investments
Topic: Over-contribution to Roth IRA in 2016
Replies: 2
Views: 377

Over-contribution to Roth IRA in 2016

Hi Friends! I have a family member in a bit of a pickle. In June 2016, he contributed $5,500 directly to a Roth IRA from a savings account. He later realized that when it came to filing taxes, he surpassed the income limit with his wife by a couple of thousand dollars. Right now, he has contributed ...
by CCRewards
Fri Dec 30, 2016 1:16 pm
Forum: Personal Investments
Topic: Roth Conversion Taxes...where to send, when to pay?
Replies: 14
Views: 4306

Re: Roth Conversion Taxes...where to send, when to pay?

You might be interested in James Lange's website . He is a strong proponent of Roth conversions and free pdf versions of several of his books and peer-reviewed articles are available from his website. Thank you so much for this link! I'm reading all his free books! So glad you linked me to a CPA wh...
by CCRewards
Wed Dec 28, 2016 8:42 am
Forum: Personal Investments
Topic: Roth Conversion Taxes...where to send, when to pay?
Replies: 14
Views: 4306

Re: Roth Conversion Taxes...where to send, when to pay?

Tax-deferred funds transferred to a Roth account are considered income for that year. To avoid reducing your tax-advantaged total, it's generally recommended that you not withhold taxes from the transfer. The IRS expects you to pay estimated taxes quarterly (as they define quarters) on income where...
by CCRewards
Mon Dec 19, 2016 11:28 am
Forum: Personal Investments
Topic: Roth Conversion Taxes...where to send, when to pay?
Replies: 14
Views: 4306

Roth Conversion Taxes...where to send, when to pay?

Hey all! I asked my CPA about doing a Roth conversion, but through my conversation with him, it became clear to me that he doesn't prescribe to the Boglehead philosophy. Furthermore, he refuses to give me an appointment before the end of the year, so I can't ask him these questions...not that I'm fa...
by CCRewards
Wed Nov 02, 2016 1:11 pm
Forum: Personal Finance (Not Investing)
Topic: Heads up: LONG rollover TSP to Vanguard
Replies: 29
Views: 5671

Re: Heads up: LONG rollover TSP to Vanguard

Also, a question. When someone fills TSP-70 (Request for Full Withdrawal), and opts for monthly draws, how does the timeline for that first withdrawal work? If I want that first withdrawal to be in January, and the forms are received and processed before then, is it possible that my first monthly dr...
by CCRewards
Wed Nov 02, 2016 1:08 pm
Forum: Personal Finance (Not Investing)
Topic: Heads up: LONG rollover TSP to Vanguard
Replies: 29
Views: 5671

Re: Heads up: LONG rollover TSP to Vanguard

Hey all! I thought I'd give an update as to our conversion from TSP to rIRA in Vanguard. VictoraF, I'm running about a month and a half ahead of where you were last year. Thanks again for your timeline...it really helped me figure out a timeline for this year. I had a quick thought that came to me t...
by CCRewards
Sat Jul 23, 2016 9:32 am
Forum: Personal Finance (Not Investing)
Topic: Heads up: LONG rollover TSP to Vanguard
Replies: 29
Views: 5671

Re: Heads up: LONG rollover TSP to Vanguard

MichDad wrote:
Like "Lord of the Flies," it doesn't end well.

MichDad
At least the read was entertaining. Also, I've discovered a new resource: frtib.gov. Thanks again!
by CCRewards
Fri Jul 22, 2016 3:37 pm
Forum: Personal Finance (Not Investing)
Topic: Heads up: LONG rollover TSP to Vanguard
Replies: 29
Views: 5671

Re: Heads up: LONG rollover TSP to Vanguard

We were considering waiting it out a bit to see if TSP offers a Roth conversion option soon, but that seems like a bad reason to wait! CCRewards, I've been following the Federal Retirement Thrift Investment Board's activities pretty closely for the past few years. It seems to me that the Board's ac...
by CCRewards
Thu Jul 21, 2016 11:20 pm
Forum: Personal Finance (Not Investing)
Topic: Heads up: LONG rollover TSP to Vanguard
Replies: 29
Views: 5671

Re: Heads up: LONG rollover TSP to Vanguard

Update: While Vanguard took longer than I thought, TSP was VERY fast: - 23 Nov - I sent an overnight package to Vanguard. - 24 Nov - UPS reported that the package has been delivered to Vanguard at 10:15am. - 24 and 25 Nov - I called Vanguard. They told me that they process all requests in order and...
by CCRewards
Thu Feb 25, 2016 1:09 pm
Forum: Personal Investments
Topic: TSP, Retired, Roth Conversion, 5 years?!
Replies: 3
Views: 858

Re: TSP, Retired, Roth Conversion, 5 years?!

Alan, Thank you so much for your detailed reply. Given the content and length of your reply, I can tell that you put some real time and effort into the reply. Hopefully, all of this information can help someone else in the future searching the forums too. Mhalley, Thanks for the link! I'll check it ...
by CCRewards
Tue Feb 23, 2016 10:58 am
Forum: Personal Investments
Topic: TSP, Retired, Roth Conversion, 5 years?!
Replies: 3
Views: 858

TSP, Retired, Roth Conversion, 5 years?!

Hello all! I recently discovered these forums and am quite happy to have found a group of individuals who take their retirement and finances seriously! I recently retired from the Federal Government and have a traditional TSP balance. I want to convert it to a Roth IRA as I take it out, but I'm seei...