Re: [TSP_Strategy] State income tax on TSP withdrawals?

 

As long as you have some money in the TSP account then you can transfer back if needed.  I'm in the process to pull out 90% of my tsp balance to transfer to my IRA and ROTH accounts.

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On Aug 19, 2017, at 8:24 AM, monrodian@yahoo.com [TSP_Strategy] <TSP_Strategy@yahoogroups.com> wrote:

 

A recent article in NARFE magazine (April, '17) summarized how States that have income tax treat retirement income. Income types included Social Security, Pension annuities, TSP withdrawals, etc.

The section on Oregon was a concern for me since I live there. Oregon has a formula that determines how much of your pension is taxed by the State, based on how long you have lived there (for simplicity). What caught me by surprise was a statement that indicates that TSP withdrawals are also subject to the same formula. And, if the money is moved into another type of account, "it looses its character" and the whole amount is subject to tax.

I am trying to verify this information. Searches of Oregon's Department of Revenue publications and inquiries to NARFE have not found any references that refer to the TSP specifically. If any forum members has information on the subject, please forward it.

I was considering rolling over my TSP (or a portion) into an outside account. I am going to wait until I have more information to determine the tax consequences of such a move. Know before you go!

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Posted by: H Nguyen <firsteodhn@yahoo.com>

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