Re: [TSPStrategy] TSP loan

Just put the max in your roth and the matching will go into traditional

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From: TSPStrategy@groups.io <TSPStrategy@groups.io> on behalf of Damian Cotto via groups.io <damian.cotto=yahoo.com@groups.io>
Sent: Sunday, November 21, 2021 12:03:53 PM
To: TSPStrategy@groups.io <TSPStrategy@groups.io>
Subject: Re: [TSPStrategy] TSP loan

 

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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