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Tsp terms of withdrawal pdf

Withdrawals tsp 2025

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The document provides comprehensive guidelines on in-service withdrawals from the Thrift Savings Plan (TSP) for federal employees and uniformed services members. It outlines two types of withdrawals: financial hardship and age-based, detailing eligibility criteria, acceptable reasons for withdrawal, tax implications, and application procedures. The document emphasizes the long-term consequences of withdrawing funds on retirement savings and future earnings, as well as the importance of considering alternatives like TSP loans. Additionally, it addresses spousal rights and court orders affecting withdrawals.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Can I withdraw money from my TSP without penalty?

Service members are eligible, but not required, to withdraw from their TSP accounts as soon as they separate from service. Keep in mind that, other than with some limited exceptions, you will incur a penalty for withdrawing from a TSP or other retirement plan before age 59 1/2.

Can I cash out my TSP when I separate?

You can borrow from your account if all of the following are true: You have at least $1,000 of your own contributions and associated earnings in your account, not including any money you have invested in the TSPs mutual fund window. Agency/service contributions and their earnings cannot be borrowed.

What are the new rules for TSP withdrawal options?

If you were still working and this were an in-service financial hardship withdrawal, this money would also be subject to the 10% early withdrawal penalty tax unless you were covered by an exception .

Can you pull money out of your TSP?

One way to potentially avoid this is by requesting a full distribution from your TSP and rolling it into a Roth IRA. While youll be taxed on the withdrawal, you wont be when you take money from the IRA (assuming youre 59 or older). An added advantage is that Roth IRAs dont require RMDs.

Can I borrow money from my TSP?

The TSP is required to withhold 20% from any TSP withdrawal or distribution, but that may not be that only amount of taxes owed. In many instances, the 20% required withholding is just a down payment on your ultimate tax bill for the withdrawal.