Re: [TSP_Strategy] Re: TSP Additional Contributions

 

can I open TSP Roth and convert my TSP to TSP Roth (not in lump sum, but over years. yes I will have to pay tax on conversion)?

when I retire, I can rollover TSP Roth to my Roth tax free, and no RMD.

make sense?

-----Original Message-----
From: Benjamin McLean greatwhitepolarbear@gmail.com [TSP_Strategy] <TSP_Strategy@yahoogroups.com>
To: TSP_Strategy <TSP_Strategy@yahoogroups.com>
Sent: Sat, Jul 15, 2017 4:32 pm
Subject: Re: [TSP_Strategy] Re: TSP Additional Contributions

 

Yes, TSP offers Roth now in addition to Traditional.

"The TSP will accept into the Roth balance of your TSP account:

only transfers (i.e., direct rollovers) of qualified and non-qualified Roth distributions from Roth 401(k)s, Roth 403(b)s, and Roth 457(b)s. If you don't already have a Roth balance in your existing TSP account, the transfer will create one.

The TSP will not accept Roth rollovers that have already been paid to you and it will not accept transfers or rollovers from Roth IRAs."

The form to get you started if your Roth is eligible is on this page: https://www.tsp.gov/PlanParticipation/EligibilityAndContributions/RolloversTransfers/eligibility.html

Ben

On Sat, Jul 15, 2017, 5:57 AM gmbetz@yahoo.com [TSP_Strategy] <TSP_Strategy@yahoogroups.com> wrote:

 

Does TSP offer a Roth account?  If not, I can't see any reason why you would want to transfer funds out of a Roth.  In a Roth your funds grow tax free and all withdrawals would be tax free.  You can withdraw from a Roth with out penalty (assuming you are age 59 1/2, if not 10% penalty) and deposit your Roth funds into a non Roth account without penalty.  However you would then pay taxes on any withdrawals. 

--

Ben

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