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Monthly TSP Withdrawal Question
- Thread starter Cobra
- Start date
ravensfan
Market Veteran
- Reaction score
- 213
Monthly TSP Withdrawals
No, but I would be interested in the answer as I have been thinking about temporarily suspending my quarterly withdrawals.
No, but I would be interested in the answer as I have been thinking about temporarily suspending my quarterly withdrawals.
Re: NEW WEBSITE IS NOW ACTIVE- SIGN UP NOW.
I set up a withrawal today but I can't change the amount of federal Tax withheld to a lower number than the site recommends.
However, when you read the instructions on how to change the withholding: you should be able to have federal tax withheld at Married with 3 dependents if making periodic withdrawals which would be less than what the site recommends.
I set up a withrawal today but I can't change the amount of federal Tax withheld to a lower number than the site recommends.
However, when you read the instructions on how to change the withholding: you should be able to have federal tax withheld at Married with 3 dependents if making periodic withdrawals which would be less than what the site recommends.
Bullitt
Market Veteran
- Reaction score
- 73
Re: NEW WEBSITE IS NOW ACTIVE- SIGN UP NOW.
There are rules on minimum withholding allowed. See page 16 below.
https://www.tsp.gov/publications/tspbk26.pdf
There are rules on minimum withholding allowed. See page 16 below.
https://www.tsp.gov/publications/tspbk26.pdf
Re: NEW WEBSITE IS NOW ACTIVE- SIGN UP NOW.
Thank You and I Understand:
I had set up my payments using the rule below from page 16 in the old website and it allowed me to change how much federal tax i wanted withheld.
Installments for 10 years ormore (fixed dollar amount) As if married with 3dependents
Setting up the withdrawal in the new site automatically takes 20% for federal tax and you can't chage the amount below the 20% Value
As an example if you want to withdraw 1500 dollars it will automatically withhold 300 dollars and you can't change that to say 10% even if you have enough in your accoune to last for more than 10 years of monthly periodic payments
Note:
Under the old site you could set up monthly payments, Under the new site it allows for a specific amount to be withdrawn but i don't think it allows for setting up a recurring payment. if that option is available I don't see it when choosing the Withdrawal icon
Thank You and I Understand:
I had set up my payments using the rule below from page 16 in the old website and it allowed me to change how much federal tax i wanted withheld.
Installments for 10 years ormore (fixed dollar amount) As if married with 3dependents
Setting up the withdrawal in the new site automatically takes 20% for federal tax and you can't chage the amount below the 20% Value
As an example if you want to withdraw 1500 dollars it will automatically withhold 300 dollars and you can't change that to say 10% even if you have enough in your accoune to last for more than 10 years of monthly periodic payments
Note:
Under the old site you could set up monthly payments, Under the new site it allows for a specific amount to be withdrawn but i don't think it allows for setting up a recurring payment. if that option is available I don't see it when choosing the Withdrawal icon
James48843
TSP Talk Royalty
- Reaction score
- 766
Re: NEW WEBSITE IS NOW ACTIVE- SIGN UP NOW.
NOTE: someone earlier posted that they could not find a way to request MONTHLY PAYMENTS out of the new system.
I just went and tried to adjust my monthly payments (I currently had it set for $3K a month payout) and
I can confirm THERE IS NO SCREENS TO ALLOW YOU TO SET UP A MONTHLY PAYMENT PARTIAL DISTRIBURTION.
I DID find one page that said "Information normally on this page is not available" or something like that.
But without a way to initiate, or change, monthly payments, this is a real problem.
WTF were they thinking?
NOTE: someone earlier posted that they could not find a way to request MONTHLY PAYMENTS out of the new system.
I just went and tried to adjust my monthly payments (I currently had it set for $3K a month payout) and
I can confirm THERE IS NO SCREENS TO ALLOW YOU TO SET UP A MONTHLY PAYMENT PARTIAL DISTRIBURTION.
I DID find one page that said "Information normally on this page is not available" or something like that.
But without a way to initiate, or change, monthly payments, this is a real problem.
WTF were they thinking?
ravensfan
Market Veteran
- Reaction score
- 213
Re: NEW WEBSITE IS NOW ACTIVE- SIGN UP NOW.
Have to agree with you James48843. Under the old system I was set up to receive quarterly withdrawals and would like to temporarily suspend these payments. And to add to your statement above THERE ARE NO SCREENS TO ALLOW YOU TO CANCEL OR CHANGE A PARTIAL DISTRIBUTION
All I can say is this new system is FUBAR;damnit
Have to agree with you James48843. Under the old system I was set up to receive quarterly withdrawals and would like to temporarily suspend these payments. And to add to your statement above THERE ARE NO SCREENS TO ALLOW YOU TO CANCEL OR CHANGE A PARTIAL DISTRIBUTION
All I can say is this new system is FUBAR;damnit
Re: NEW WEBSITE IS NOW ACTIVE- SIGN UP NOW.
I have tried finding anything on the site where you can make changes to your monthly installment payments, and there is NOTHING there. It does have an area for requesting a partial distribution of at least $1000, but that is not the same as an installlment payment - which can be as low as $25. After spending countless hours on hold, I was finally able to get a representative who was very helpful. Unfortunately, she also could not find any way of doing this on the website. She said she would report it as a glitch, but then went the extra step and checked with a couple of her colleages. She was told that this is a known issue and that on Friday, the 10th, this issue as well as most of the other glitches, will be fixed with a system upgrade. Not sure what time of day this will happen, but at least it is a light at the end of the tunnel!
I have tried finding anything on the site where you can make changes to your monthly installment payments, and there is NOTHING there. It does have an area for requesting a partial distribution of at least $1000, but that is not the same as an installlment payment - which can be as low as $25. After spending countless hours on hold, I was finally able to get a representative who was very helpful. Unfortunately, she also could not find any way of doing this on the website. She said she would report it as a glitch, but then went the extra step and checked with a couple of her colleages. She was told that this is a known issue and that on Friday, the 10th, this issue as well as most of the other glitches, will be fixed with a system upgrade. Not sure what time of day this will happen, but at least it is a light at the end of the tunnel!
James48843
TSP Talk Royalty
- Reaction score
- 766
The light at the end of the tunnel that you are seeing is the oncoming train.
Little fish- thank you for the valuable report that they are going to try and do a patch on Friday. That is important info.
I can’t believe how poorly this contractor just have designed and tested their product- and how poorly the TSP FTRIB failed in its duty to ensure a safe rollout of a tested and functional system.
And I find it hard to believe that an on-the-fly patch rolled out Friday is going to fix it. This is elementary crap that should have been caught long before anything went live.
Folks- for good measure, you might want to take a screen shot of your account today/tomorrow , just in case their “fix” screws something else up. I continue to have a low level of confidence in the contractor, and less in the oversight of this contractor.
Sent from my iPhone using TSP Talk Forums
I did receive the partial withdrawal in my bank account. However, the site is not setup allow a recurring payment. My withdrawal was under the Partial Payment rules.
I am now waitng until Friday to see if TSP acutally does add the monthly recurring option that "Littlefish" Posted.
What a Cluster!!
I am now waitng until Friday to see if TSP acutally does add the monthly recurring option that "Littlefish" Posted.
What a Cluster!!
blindspeed
New Contributor
- Reaction score
- 0
Just my 2 cents. I started monthly withdrawals last November and was anxious to see the new TSP website. After logging in, i went to the withdrawal page and saw several options for withdrawal but none for the monthly/quarterly etc withdrawal. After more research, I found in a TSP publication that seems to say.... You can start a withdrawal on line, but after it is submitted...all changes need to be done through the "Triftline Services" ie telephone or snail mail.
Valkyrie
TSP Pro
- Reaction score
- 181
Re: NEW WEBSITE IS NOW ACTIVE- SIGN UP NOW.
I received the same error message a few times. disgusting
I received the same error message a few times. disgusting
blindspeed
New Contributor
- Reaction score
- 0
ThiftLine Service Center
Phone:
1-877-968-3778 (United States, toll-free)
+ 1-404-233-4400 (Outside the United States, not toll-free)
7 a.m. – 9 p.m. eastern time, Monday through Friday
Fax:
1-276-926-8948
Mail:
ThriftLine Service Center
C/O Broadridge Processing
PO Box 1600
Newark, NJ 07101-1600
Making Changes to Your Installments
After your installments are set up, you can make changes to them at any time by using one of the
ThriftLine options listed at the beginning of this booklet.
You can make the following changes whether you’re receiving installments of a fixed dollar amount or
based on life expectancy:
• stop installments
• change the source of installments (traditional, Roth, or both)
• start, stop, or change direct deposit of your installments
• change your federal tax withholding
The following changes can only be made if your installments are of a fixed dollar amount:
• change the dollar amount of your payments
• change the frequency of your payments
• start rolling over traditional money (not Roth) from your installments to an IRA or eligible employer
plan (only if installments are expected to last less than 10 years)
• change or stop rollovers (if currently doing rollovers)
Phone:
1-877-968-3778 (United States, toll-free)
+ 1-404-233-4400 (Outside the United States, not toll-free)
7 a.m. – 9 p.m. eastern time, Monday through Friday
Fax:
1-276-926-8948
Mail:
ThriftLine Service Center
C/O Broadridge Processing
PO Box 1600
Newark, NJ 07101-1600
Making Changes to Your Installments
After your installments are set up, you can make changes to them at any time by using one of the
ThriftLine options listed at the beginning of this booklet.
You can make the following changes whether you’re receiving installments of a fixed dollar amount or
based on life expectancy:
• stop installments
• change the source of installments (traditional, Roth, or both)
• start, stop, or change direct deposit of your installments
• change your federal tax withholding
The following changes can only be made if your installments are of a fixed dollar amount:
• change the dollar amount of your payments
• change the frequency of your payments
• start rolling over traditional money (not Roth) from your installments to an IRA or eligible employer
plan (only if installments are expected to last less than 10 years)
• change or stop rollovers (if currently doing rollovers)
I just logged in and under withdrawals I didn't see any option to set up monthly installments...
DiD you set up monthly Installments on line?
Thank YOu
blindspeed
New Contributor
- Reaction score
- 0
I retired in September, in November I set up a monthly installment on line. In february, I got back online and changed the monthly amount and added some extra fed tax. All was done online... no problems. When the new TSP came on line, I wanted to see if my monthly installment had the survived the upgrade. Like you, I went to the withdrawal page......and saw several withdrawal options but none for a monthly/yearly/quarterly option. I am assuming that since I have already started an installment plan it will continue as before but I no longer have any online options and will need to call the thrift helpline for any changes. Since I started installments in November, the amount was removed from my TSP account and deposited into my bank account no later than the 7th of each month. Someplace in the TSP literature I read that the new date for the payment will be after the 15th of each month. I will give it until the 20th to show up before calling the helpline. Time will tell, but I have the feeling that they want to make withdrawals as painful as possible.
Re: NEW WEBSITE IS NOW ACTIVE- SIGN UP NOW.
I was able to set up a one-time RMD withdrawal today and specify NO tax withholding. Which is what became available late last year. Can NOT set up recurring withdrawal, however. Hopefully that becomes available in days/weeks to come.
I was able to set up a one-time RMD withdrawal today and specify NO tax withholding. Which is what became available late last year. Can NOT set up recurring withdrawal, however. Hopefully that becomes available in days/weeks to come.
Re: NEW WEBSITE IS NOW ACTIVE- SIGN UP NOW.
I checked the site this morning and there hasn't been any upgrades to allow monthly installments.
I checked the site this morning and there hasn't been any upgrades to allow monthly installments.
James48843
TSP Talk Royalty
- Reaction score
- 766
Re: NEW WEBSITE IS NOW ACTIVE- SIGN UP NOW.
My understanding is that they forgot to include monthly installments in the requirements. A patch is supposed to be rolled out to do it by the end of June. I’ll believe it when I see it.
Sent from my iPhone using TSP Talk Forums
My understanding is that they forgot to include monthly installments in the requirements. A patch is supposed to be rolled out to do it by the end of June. I’ll believe it when I see it.
Sent from my iPhone using TSP Talk Forums
James48843
TSP Talk Royalty
- Reaction score
- 766
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