Get Filling Out Tsp60 Form

The Thrift Savings Plan (TSP) is a tax-deferred retirement savings and investment plan that offers Federal employees the same type of savings and tax benefits that many private corporations offer their employees under 401(k) plans.

we are required to withhold 20% of your payment for federal income taxes. This means that in order to roll over your entire payment, you must use other funds to make up for the 20% withheld.

Rules for age-59 ½ withdrawals You may only take up to four age-59 ½ withdrawals per calendar year. If you have two separate TSP accounts—a civilian TSP account and a uniformed services account—you can only make age-59 ½ withdrawals from the account associated with your active employment at the time of your withdrawal.

Thrift Savings Plan Form TSP-60 Request for a Transfer Into the TSP. Page 1. Information for TSP Participants, Custodians. of Traditional IRAs, and Administrators. of Eligible Employer Plans.

Submit your withdrawal forms directly to the TSP Service Office. To reach the Service Office, call the TSP ThriftLine at 1-TSP-YOU-FRST (1-877-968-3778) or the TDD at 1-TSP-THRIFT5 (1-877-847-4385). Outside the U.S. and Canada, please call 1-504-255-8777.

Your catch-up contributions will be in addition to the 2023 TSP regular contribution limit, which means employees can contribute up to $30,000 in 2023. To maximize the catch-up contribution amount of $7,500 for 2023, employees will need to contribute an additional $288 per pay period ($7,500/26 = $288.46).

TSP Allocation Deciding on the asset allocation of your TSP means you pick how much of your money you want to invest in each of those three. For example, you can put 70% of your money in stock and 30% in bonds or 60% in stock and 30% in bonds, and 10% in cash equivalents.

Gross amount of tax-deferred distribution: $ 15. IRC § 402(c)(8)(B) and as described in the General Information section of this form.