Tsp 79 2025

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The document provides tax information for Thrift Savings Plan (TSP) participants regarding monthly payments and changes to payment types. It outlines how federal income taxes apply to monthly payments, the implications of changing to a final single payment, and the rules for withholding taxes. It also explains the process for transferring funds into TSP accounts, required minimum distributions for participants aged 70½ or older, and the potential early withdrawal penalty for certain changes. Participants are advised to consult tax advisors due to the complexity of tax rules.

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Click ‘Get Form’ to open the TSP-79 in the editor.
Begin by entering your personal information, including your name, address, and Social Security number. This ensures that your request is processed accurately.
In the section for payment options, specify whether you are requesting a final single payment or changing your monthly payments. Make sure to read the instructions carefully to understand the implications of each choice.
If you wish to have additional taxes withheld, complete the withholding section as indicated. This is crucial for managing your tax liability effectively.
Review all entered information for accuracy before submitting. Our platform allows you to easily make edits if needed.

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Got questions?

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

Should I pay off my TSP loan early?

A TSP loan allows account holders to borrow against the money in their TSP retirement account. However, its generally a wise idea to pay off a TSP loan early so that the money goes back into your account where it will earn compounded interest. The longer the money is in there, typically, the more it will grow.

Are TSP loans a good idea?

Because a TSP loan can have a lasting effect on your retirement savings, youll want to be sure to exhaust all other loan options before deciding to apply for one. If you are experiencing financial hardship or poor credit has made it hard for you to qualify for another type of loan, a TSP may be worth exploring.

What are the downsides of a TSP loan?

One big downside of a TSP loan is that it can docHubly hinder the growth of your account. The interest rate for a TSP loan is locked in for the life of your loan and is based on the G Fund interest rate for the month before you request the loan.

What should my TSP percentage be?

Getting the match could mean thousands of additional dollars in your TSP account over time. You only get the full match if you contribute at least 5% of your basic pay each pay period. And yes, every $1 your agency/service contributes can grow to $10 in 35 years too.

Does a TSP loan affect your taxes?

You will owe taxes on the earnings on any tax-exempt contributions that were part of your Traditional balance. If you default on a TSP loan, you will owe taxes, for that year, on the taxable amount you did not repay, including any qualified Roth earnings.

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What happens if I lose my job and have a TSP loan?

The downside of a TSP loan is that if you quit, are fired, or are laid off, the loan balance is due in 90 days. If you dont, you have to pay taxes + 10% penalty on the balance as it will be considered a withdrawal.