Re: [TSPStrategy] TSP loan

I thought that if you took an existing TSP loan into retirement, you had 90 days to pay it back or it becomes a taxable distribution.

On Nov 21, 2021, at 12:37 PM, Damian Cotto via groups.io <damian.cotto=yahoo.com@groups.io> wrote:

 Thank you both. I've been trying figure out how to invest more than the maximum amount in TSP. 

Respectfully, 

Damian Cotto

On Sunday, November 21, 2021, 13:23, Mike VanAmburgh <mjv325@gmail.com> wrote:

Not sure if I understand the question but you can do a total of $20,500 for 2022 combined for Roth and Traditional. If you're already maxing TSP, you can do a separate Roth IRA with companies such as Vanguard for another $6000 per year. I moved my Roth IRA from USAA to Vanguard before USAA farmed us out to Victory Capital, and I've been happy with Vanguard. 

At 50 years old, max for TSP is 27,000 and 7,000 for IRA in 2022. That applies to the year that you turn 50. I turn 50 next September but I'm going to start contributing more in January, for example. 

On Sun, Nov 21, 2021 at 12:04 PM Damian Cotto via groups.io <damian.cotto=yahoo.com@groups.io> wrote:

Just tossing a question out here but I have 20 years of work to go still and I am investing 10% into TSP 60% C and 40% S. How can I maximize my Roth contribution without being penalized for going over the annual limit and still max TSP? Is this possible? 


Respectfully, 

Damian Cotto

On Sunday, November 21, 2021, 12:48, MJ Lawrence <MARNITA2@GMAIL.COM> wrote:

Thanks

On Sun, Nov 21, 2021, 12:25 PM danesifamily via groups.io <danesifamily=verizon.net@groups.io> wrote:

Any distribution is a taxable event.  You can do three things.   Pay it off. No distribution.  Or you don't pay what you owe and it's a distribution with the question of the date. Which is going to be either your separation date or the date you fail to pay it back.  Once you are retired you are not able to take out a loan or pay it back.   If you have worked all year the. It adds to that income if it's this year so at the highest tax rate you have or even higher. If you can delay to next year when your income is lower better bet.  If it's this year then you might want to pay it back with current savings then wait to next year and take a distribution to make that up if you couldn't afford it.  Which would be a taxable event in 2022.  All of this based on it being regular TSP not Roth.  

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