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Financial Planning Question – Thrift Savings Plan

 

Q: I’m employed by the federal government and will turn 70 1/2 early June. My 3 IRA required minimum distributions total $5261. Can I transfer my 3 IRA’s into my Thrift Savings Plan (TSP) account and avoid paying the required minimum distribution for 2012? Is it to my advantage to do this? Thanks.

A: It is too late for 2012. You will have to inquire with you TSP about whether this is possible to do the transfer in 2012 and then you should be able to avoid for 2013. Be advised that you should consider the following issues with the TSP when doing this:

  • Potentially higher fees
  • Potentially less attractive investment opportunities
  • Less freedom with withdrawals
  • You may only roll over tax-deductible contributions, not after-tax contributions (if you made any)


 

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