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A beneficiary who is not a surviving spouse cannot retain a TSP account. The death benefit payment will be made directly to the beneficiary or to an inherited IRA. (See page 13 for more information.) If a beneficiary participant dies, the new beneficiary(ies) cannot continue to maintain the account in the TSP.
Who are the default beneficiaries for TSP?
If there is no beneficiary designation on file, the participants entire TSP account will be distributed as follows: To the participants spouse. If none, to the participants child or children equally, with the shares due a deceased child divided equally among that childs descendants.
Is the TSP 3 form obsolete?
The TSP-3 Designation of Beneficiary Form is one of a long list of TSP forms that have been replaced and are being handled differently. Earlier this month, the Federal Retirement Thrift Investment Board announced new forms and online tools and declared prior versions of some old forms obsolete.
Does a spouse automatically inherit TSP?
If there is no beneficiary designation and you die with a balance in your TSP account, the account will be distributed ing to the following order of precedence, which is required by law: spouse, then child or children equally (and any share due a deceased child divided equally among that childs descendants),
Are there TSP tax forms?
IRS Form 1099-R In mid-January, the TSP will mail IRS Form 1099-R, Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., to participants who received a withdrawal and/or a taxed or foreclosed loan between January 1 and December 31, 2024.
tsp form 17
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Does money automatically go to spouse after death?
Only about a third of all states have laws specifying that assets owned by the deceased are automatically inherited by the surviving spouse. In the remaining states, the surviving spouse may inherit between one-third and one-half of the assets, with the remainder divided among surviving children, if applicable.
What is a TSP-17?
Form TSP-17 is also known as the Information Relating the Deceased Participant Form. It must be submitted by the administrators or executors of the deceased participants. Potential beneficiaries do not complete this form. The information is collected for the identification of the account of the deceased participant.
tsp 17 form 2023
thrift savings plan tsp-60 - request for a transfer into the tsp
Use this form to request a transfer or to complete a rollover of tax-deferred money from an eligible retirement plan into the traditional (non-Roth) balance of
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