They will take 20% deposit toward the taxes you owe. You can also designate a higher %, if you are in a higher tax bracket. They don't know your other income and cannot predict what % of tax you will pay for the year.
It is Form TSP-77, which you can fill out on line partially and then have to get it signed and notrarized.
Remember that, if you want to do this partial withdrawal, you need to do it before taking any monthly payments. After you start, the option for a partial withdrawal is no longer there.
A few weeks I posted info on the TSP Board plan to add more withdrawal options, but that won't be soon.
Good luck!
-- Cindy King
On Thu, Aug 27, 2015 at 11:34 AM, Gayle Taylor dollhousefreak@yahoo.com [TSP_Strategy] <TSP_Strategy@yahoogroups.com> wrote:
I believe I know the answer but just in case ----I retired a little over 2 years ago. So far have not touched my TSP. I am thinking about taking the one time withdrawal to bank some and to spend some! (Hey, could be hit by a truck tomorrow, right?)So they will tax the heck out of it unless I open an IRA, correct?ThanksGayle
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Posted by: Cindy King <cindy.kingde@gmail.com>
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Neither the TSP Strategy group, nor individual members, are licensed or authorized to provide investment advice. Any statements made herein merely reflect the personal opinions of the individual group member. Please make your own investment decisions based upon your personal circumstances.
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