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TSP to Roth IRA: What Federal Employees Need to Know
I'm 60 years old with 36 years of service. I called the TSP help line and asked if I could roll over money from the traditional TSP directly to a Roth IRA I have at Fidelity. They said yes. And, sure enough, when you go on the tsp.gov website and click through Withdrawals and "Roll Over an Amount to an IRA" "Roth IRA" is one of the three choices for a destination. So, is it true you no longer have to do the two step process of going to an IRA and then from there roll over to the Roth? If so, what is the "gotcha," because that seems way too easy? As you click through further, there is no federal tax withholding done by the TSP, so the whole amount goes to the Roth. Meaning, you're on your own for paying the taxes. It would be costly in the short term but potentially save a ton of taxes in the distant future. - Douglas https://zurl.co/plXz
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By Micah Shilanski & Tammy Flanagan
4.8
126126 ratings
I'm 60 years old with 36 years of service. I called the TSP help line and asked if I could roll over money from the traditional TSP directly to a Roth IRA I have at Fidelity. They said yes. And, sure enough, when you go on the tsp.gov website and click through Withdrawals and "Roll Over an Amount to an IRA" "Roth IRA" is one of the three choices for a destination. So, is it true you no longer have to do the two step process of going to an IRA and then from there roll over to the Roth? If so, what is the "gotcha," because that seems way too easy? As you click through further, there is no federal tax withholding done by the TSP, so the whole amount goes to the Roth. Meaning, you're on your own for paying the taxes. It would be costly in the short term but potentially save a ton of taxes in the distant future. - Douglas https://zurl.co/plXz
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