Rollovers that move money into the Thrift Savings Plan do not count against the annual elective deferral limit ($18,500 in 2018). ... balance and form TSP 60-R for rollovers into your Roth balance ...
Whether to roll over TSP funds into an IRA is, at first glance, no different than whether a non-government employee should rollover their 401k or 403b. Upon closer examination, however, there is a ...
Is the TSP authorized to make rollovers to eligible retirement plans? Yes. Participants may roll over eligible rollover distributions from their TSP accounts to a qualified trust or an eligible retirement plan (as defined in IRC § 402(c)(8)). (See 5 USC § 8433(c)(2).) An eligible retirement plan can be either an IRA or an eligible employer plan.5
Self-Service Rollovers into MyAccount. When a TSP participant logs into MyAccount, the participant can use an online tool to start the rollover distribution process. The participant contacts the provider of the eligible retirement plan and/or the traditional IRA custodian and requests a rollover distribution.
They can directly rollover Roth 401(k), Roth 403(b) and Roth 457 accounts (but not Roth IRAs) into their Roth TSP account. ... Direct rollovers into TSP accounts have no effect on the amount that employees can contribute via payroll deductions each year to their traditional TSP and Roth TSP accounts. 4. Rolling over required minimum ...
Direct Rollovers: Funds are transferred directly from your eligible retirement plan or IRA to your TSP account, bypassing taxation at the time of rollover. Indirect Rollovers: You receive the funds from your retirement plan, and then you transfer them to your TSP account within a specified timeframe (usually 60 days).
The Thrift Savings Plan will accept transfers and rollovers from qualified plans like a 401(k) or IRA, even if the participant is no longer in Federal service.See Form TSP-60 (traditional TSP) and Form TSP-60-R (for Roth TSP) for precisely which plans are eligible for the TSP and Roth TSP. Although the TSP will allow a transfer from a Roth 401(k) into a Roth TSP, the TSP cannot accept ...
The TSP will accept into the Roth balance of your TSP transfers from Roth 401(k)s, Roth 403(b)s and Roth 457(b)s—but you can't indirectly rollover Roth funds into your TSP, and you can't move money from a Roth IRA into your TSP account. If you don't already have a Roth balance in your existing TSP account, the transfer will create one.
With an indirect rollover, the TSP sends a check made out to the TSP participant, and the TSP participant then deposits the check into a retirement account within 60 days of receiving the check. With an indirect rollover, the TSP must withhold 20 percent in federal income taxes. This is because the check is made out to the TSP account holder.
How to Make the Move. Moving money into your TSP account is a straightforward process that can be done through two convenient methods: TSP Rollover Concierge Service: Simply call the ThriftLine and navigate to the rollover concierge service. A dedicated rollover specialist will guide you through each step of the process, from contacting the providers of your existing retirement accounts to ...
The TSP will only allow direct rollovers of Roth distributions from Roth 401(k)s, Roth 403(b)s, and Roth 457(b)s into the Roth balance of your account. If you don’t have a Roth TSP balance the rollover will automatically create one.
When considering a TSP rollover, it's also important to know that: Traditional TSP funds can roll into a Traditional IRA or 401(k) tax-free, or into a Roth IRA (but you'll owe income tax on the conversion). Roth TSP funds must go into a Roth IRA or another Roth 401(k)-type account to maintain their tax-free withdrawal status.
FAQ’s on Rollovers from the Thrift Savings Plan to Eligible Retirement Plans. Categories Thrift Savings Plan. Great News!…401k Lost And Found Database. ... Rollover Center Learn all you need to know about moving your 401k into an IRA that you control. Knowledge Center Helpful information about IRA's, 401k's, and more! Updated for 2025.
retirement plan to the TSP, while indirect rollovers are made by the plan participant following receipt of a distribution from the plan. The TSP will accept into the Roth balance of your TSP transfers from Roth 401(k)s, Roth 403(b)s and Roth 457(b)s—but you can’t indirectly rollover Roth funds into your TSP, and can’t move money from a ...
§ 401(a) (including a § 401(k) plan, profit-sharing plan, defined benefit plan, stock bonus plan, and money purchase plan); an ... A participant can transfer or roll over into the TSP all or any part of a distribution that meets the applicable requirements (described above) and that does not include after-tax or tax-exempt balances. ...
Rolling over your Thrift Savings Plan (TSP) into another retirement account might seem daunting, but breaking it down into steps can simplify the process. Whether you're transitioning to an Individual Retirement Account (IRA), a 401(k) with a new employer, or exploring other avenues, here are the steps to ensure a smooth transition:
No Penalty for Rollovers: Rolling over your TSP balance into a traditional IRA or a new employer’s 401(k) avoids penalties. Early Withdrawals Are Taxable: If you withdraw funds (instead of rolling them over), any pre-tax contributions and earnings are taxable, plus a 10% penalty (unless you qualify for an exemption, such as the Rule of 55).
More 401(k) plans are adding annuity options for those who want to convert all or part of their accounts into guaranteed lifetime income. You also can buy an annuity through an IRA.
