That sounds about right. TSP accounts are treated as regular IRAs for tax purposes. If you make a withdraw (distribution) you pay tax, plus a 10 percent penalty if you are younger than 59.5. However your can rollover the entire account or a portion of it tax free if you roll it over into a regular (not Roth) IRA account or similar 401k type account you may have.
When I retired several years ago I rolled over my entire TSP into and IRA, tax free. Since then I've been moving that money into a Roth and paying taxes on what I move.
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Posted by: gmbetz@yahoo.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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