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Special Report on

IRS Thrift Savings Plan

irs thrift savings plan special research report Photo by cdn-viper.demandvideo.com
Q: I am a Senior Executive Service employee with two years of active federal civilian service and 34 years of prior active military service. I have been discussing a possible opportunity wherein I would leave the federal government for a year or so and work as a contractor. I would then hope to compete for another SES position with a different agency and return to active federal civilian service. Because I have only two years of active federal civilian service, will I lose the agency matching contributions I have received in my Thrift Savings Plan account to date if I leave active federal civilian service for a short period? Or, ...
paid directly into their individual 401(k) account, which is managed by the employer. Such payments are known as "contributions". As a benefit to the employee, the employer can optionally choose to "match" part or all of the employee's contribution by depositing additional amounts in the employee's 401(k) account or simply offering a profit-sharing contribution to the plan. Since 2006, another type of 401(k) plan is available. Participants in 401(k) plans that have the proper amendments can allocate some or all of their contributions to a separately-designated Roth account, commonly known as a Roth ...
REVIEWS AND OPINIONS
Tax Code Changes to Remember This Tax Season | | Job,Business ...
The federal government finally did something over the past year to help the thousands of taxpayers getting hit with huge tax bills after loosing their house due to foreclosure. According to recent law changes, debt forgiven by a foreclosure, short sale, or loan restructure will no longer be treated as income. The IRS will now allow for up to $2 million of forgiven debt to be excluded from a person’s income. However, it is important to note that this law change only applies to homes used as a principal residence. Property investments and vacation homes are not protected. AMT Exemptions Congress increased the AMT exemptions in ... market research, surveys and trends
» The Government Pay Bonus - Big Government
Even using all the standard controls—including race and gender, full- or part-time work, firm size, marital status, region, residence in a city or suburb, and more—the federal wage premium does not disappear. It stubbornly hovers around 12%, meaning private employees must work 13½ months to earn what comparable federal workers make in 12. Most academic studies dating back to the 1970s have found similar pay differences. In addition to the wage premium, federal workers enjoy more generous fringe benefits than do private workers. For instance, federal workers receive a defined benefit pension with benefit levels comparable to ... market research, surveys and trends

SURVEY RESULTS FOR
IRS THRIFT SAVINGS PLAN

early withdrawal – Ask The Experts - Federal Money Matters ...
Q: I worked for the federal government for about 12 years. When I left, I used some of my Thrift Savings Plan money as a down payment on my current home. That turned out to be a good move, since I bought when the market was down and my home’s value has gone up. However, with the recent downturn in the market, my parents have lost a tremendous amount of money and are in financial need. I would like to give them the remaining money in my TSP account (about $10,000). Is there any way to roll over my TSP funds to my parents without taking a large financial hit? As I understand it, if I withdraw my funds to give to them, I would lose ... industry trends, business articles and survey research
TSP – Ask The Experts - Federal Money Matters - FederalTimes.com
Q: I am about five years from retirement under CSRS. I would like to take out a TSP loan to purchase a used car and to pay off a high-interest credit card balance. It seems to make sense to me since the interest rate is at 3.25 percent (G-fund). By being able to set the terms of the loan, I plan to have it paid off well before retiring. Does this make sense? What is the downside for my TSP account as I head toward retirement. A: You’ve explained your plan. I can’t tell you whether it’s the best option for you since I don’t know enough about you, but I don’t see anything of particular concern in your ... industry trends, business articles and survey research
RELATED NEWS
How the Federal Thrift Savings Plan (TSP) works
for most civilian federal employees relies on a tripod of income streams and the “legs” of that tripod are Social Security, the Federal Employees Retirement System (FERS) and the Thrift Savings Plan (TSP).  In many ways, the TSP is much like the private sector’s 401K plan and has similar rules regarding contribution limits and distributions. So who is eligible for the TSP?  There are two main categories of federal employees eligible to participate and those are civilian federal employees and members of the military including the Coast Guard .  The benefits available under the TSP depend on a ... market trends, news research and surveys resources
TSP places holds on tax-delinquent participants' accounts
The board governing the Thrift Savings Plan has begun placing holds on some tax-delinquent participants' accounts until Congress straightens out a dispute over IRS' authority to confiscate those funds. So far, two participants' accounts have been held in abeyance since the Justice Department's Office of Legal Counsel said last month that IRS should be able to levy TSP funds. But more holds could come. The Federal Retirement Thrift Investment Board said at Thursday's meeting of the Employee Thrift Advisory Council that it holds accounts in abeyance only if it receives a court order and if the IRS agent ... market trends, news research and surveys resources

INFORMATION RESOURCES

Important Tax Information About TSP Death Benefit Payments - Tax ...
Before you receive a death benefit payment from the Thrift Savings Plan (TSP), you should .... available from your local IRS office, on the IRS website at ... technology research, surveys study and trend statistics
Publication 721 (2009), Tax Guide to U.S. Civil Service Retirement ...
This part of the publication contains information that can apply to most recipients of civil service retirement benefits. If you leave federal government service or transfer to a job not under the CSRS or FERS and you are not eligible for an immediate annuity, you can choose to receive a refund of the money in your CSRS or FERS retirement account. The refund will include both regular and voluntary contributions you made to the fund, plus any interest payable. If the refund includes only your contributions, none of the refund is taxable. If it includes any interest, the ... technology research, surveys study and trend statistics
IU HDHP PPO & Medical Savings Plan | Benefits | UHRS | IU
The IU HDHP PPO & Medical Savings Plan combines comprehensive medical coverage, a tax-advantaged savings account, and Personal Health and Biometric Assessment features. Just like other IU-sponsored medical plans, the HDHP PPO provides access to high quality health care through Anthem’s provider network. The plan pays a large part of medical costs after the deductible is met and employee expenses are limited by an annual out-of-pocket maximum. The HDHP PPO does have a higher deductible; however, the deductible is offset by university and employee contributions to a health savings account. The medical savings feature is a Health ...
REAL TIME
IRS THRIFT SAVINGS PLAN
QUESTIONS AND ANSWERS
Can one have both a Thrift Savings Plan and a Roth IRA? - Yahoo ...
You can have both. A Thrift Savings Plan (TSP) is essentially the government's version of a 401(k). A Roth IRA is completely different, although they function the same way (in the sense of saving for retirement monies). It's possible to have an active TSP, IRA, and 401(k) or 403(b) (the nonprofit version of a 401-k) at the same time. I should know; I do. However, the saving limit for all of these accounts is CUMULATIVE, so whatever your age group, the amount you can throw into all of these accounts cannot exceed the maximum amount set by the IRS, or else you will be penalized. Asker's Rating: ...
Retirement Planning: tsp payouts before 59.5,ref: irs tax code,74t ...
if after the five years and 59.5..at that time can you transfer the tsp balance say to an edward jones acct w/o penalty or should/can a person transfer upon retirement then under section 72t set up withdrawals thru  the e. jones broker. thank you for the time, m.j.mckay ------------------------- Followup To Question - as a federal employee eligibile to retire before 59.5 can and how do i set up payouts, i.e. (equal payments based on life expectancy tables) for the period of time when i choose to retire until i am 59.5. thank you m.j. mckay Answer - Dear MJ If the Thrift Savings Plan rules are the same as those of IRAs, the ...