Retired FERS-VERA/VSIP Considering 72(t) TSP Withdrawal Options

[Maricar19]

Not sure if this is the correct thread to post my question, please be kind (LOL).
My spouse worked until March 2019 and earned $17343 and contributed $2800 to Traditional TSP.
Spouse retired since then.
Question 1: Will spouse be allowed to contribute to a 2019 Roth IRA?
Question 2: Will I also be allowed to contribute to my 2019 Roth IRA based on spouse's earnings?
Thanks for any response.

 

[Maricar19]

Bump

Not sure if this is the correct thread to post my question, please be kind (LOL).
My spouse worked until March 2019 and earned $17343 and contributed $2800 to Traditional TSP.
Spouse retired since then.
Question 1: Will spouse be allowed to contribute to a 2019 Roth IRA?
Question 2: Will I also be allowed to contribute to my 2019 Roth IRA based on spouse's earnings?
Thanks for any response.

 

[evilanne]

Yes to both questions as long as earned income is equal to or greater than your contributions.

 

[Maricar19]

Yes to both questions as long as earned income is equal to or greater than your contributions.

Thanks for the response. Is it based on gross or net?

 

[evilanne]

Gross. If you only earned $6,000 and have social security, medicare & taxes withheld. You can put the whole $6K in a Roth.

 

[evilanne]

I just met my MRA and am looking forward to getting the FERS Supplement. My understanding is that it should be automatic and should start in August. Keeping my fingers crossed that I don't need to jump through any hoops to make it happen.

I just bought second home in a very small town in Wyoming this year...it was a repo and needs a lot of work. I was able to get some of the major items (Roof, Plumbing, Electric & HVAC) done long distance during the COVID shut down & before they lifted the 14 day self quarantine requirement. I made my first trip there last month. I loaded up a U-Haul trailer with some basic necessities and made the trip. I will be doing the same again sometime next month. It is definitely a challenge and an adventure.

 

[nasa1974]

I just met my MRA and am looking forward to getting the FERS Supplement. My understanding is that it should be automatic and should start in August. Keeping my fingers crossed that I don't need to jump through any hoops to make it happen.

I just bought second home in a very small town in Wyoming this year...it was a repo and needs a lot of work. I was able to get some of the major items (Roof, Plumbing, Electric & HVAC) done long distance during the COVID shut down & before they lifted the 14 day self quarantine requirement. I made my first trip there last month. I loaded up a U-Haul trailer with some basic necessities and made the trip. I will be doing the same again sometime next month. It is definitely a challenge and an adventure.

Where in Wyoming? I spent two and a half years in Cheyenne at FEW Air Force Base.

 

[evilanne]

It is about an hour north of Cheyenne in Platte County. I worked at FEW 2000-2005. My original intent was to move back to Cheyenne but their housing market is really crazy right now.

 

[evilanne]

Just got my 1st FERS Supplement Payment this month...it included partial payment for the days in June when I reached MRA and July. The monthly amount is more than I expected...Life is good.