kvrana's Account Talk

[kvrana]

I have just have a quick question. I am doing a transfer from an old employers 401K to TSP, and was wondering if these funds count has my own contribuitions. I was thinking about taking out a loan but I would be using some of these funds that I transferred. The TSP site is un helpful. I am waiting for may password to be mailed but wanted to see if anyone knew my answer.

THANKS~~~~
Kelly

 

[RealMoneyIssues]

Re: Vrana Account Talk

Sorry I don't have an answer, but welcome to the forum.

Good luck and stick around to learn about getting away from buy and hold

 

[Bquat]

Re: Vrana Account Talk

Welcome to the site. The transfer from the 401 to tsp should be tax free. Borrowing from the tsp will not effect the tax status because of a loan and not a withdrawl, but I don't know how long it has to be in the tsp before you can borrow from it. If your already vested you might be able to after it shows in your ballance. This is my guess.

 

[Birchtree]

Re: Vrana Account Talk

I think you'll be fine. Most of these defined contribution programs are specifically designed to be mobile with the work force. Just don't take the money first in your hand.

 

[nnuut]

Re: Vrana Account Talk

Welcome and Best of luck with the TSP!
Norman

 

[tsptalk]

Welcome Kvrana. I don't believe they would count as part of your contributions since for the IRS's sake, it was already a contribution to a retirement account.

 

[Scout333]

I have just have a quick question. I am doing a transfer from an old employers 401K to TSP, and was wondering if these funds count has my own contribuitions. I was thinking about taking out a loan but I would be using some of these funds that I transferred. The TSP site is un helpful. I am waiting for may password to be mailed but wanted to see if anyone knew my answer.

THANKS~~~~
Kelly

Kelly, Most tax deferred accounts keep track of the rollover amounts separately. i.e. rollover tax deferred, rollover contributions, rollover employer-matching, etc. Not sure if TSP does this as I've never used this feature. Suggest calling the TSP help desk and clearing this up before you roll any funds into TSP. May want to use a Roth or Regular IRA instead if they don't track separately.

 

[grandma]

Kelly, when I retired several years ago, I advised tsp that I wanted to move a tax-deferred account into tsp; they sent the information, instructions, and forms. Any miss-footing on the forms & the check is refused. The only problem I had was convincing the sending company that TSP meant exactly what they said, down to the "first T and last dot" including the way the check was to be written and how to mail the stuff back to TSP. It took a couple of months, some face-off's on the phone, before TSP finally accepted the transfer.
Good luck ... and ask to talk to `the supervisor' at the first sign of clerical misunderstanding.