Over 60, rollover part of my TSP funds into my IRA

Forum|Forum|2 years ago
April 17, 2024
2 replies
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I'm over 60. I'm wondering how many and how frequent may I rollover part of my TSP funds into my IRA?

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Best answer by dmertz

There are no statutory limitations. Limitations on the frequency or amount of distributions from the TSP are those imposed by the TSP plan itself (and there are limits).

In-service distributions: https://www.tsp.gov/publications/tspbk12.pdf

Distributions after separation from service: https://www.tsp.gov/publications/tspbk25.pdf

JulieS

Yes, you are allowed to rollover your Thrift Saving Plan (TSP) to an IRA and there isn't a limit for how often you can do this.

If you roll the funds to a traditional IRA, you have to report the 1099-R on your tax return, but it won't be included in your taxable income.

If you roll the funds to a Roth IRA, you have to report it and it'll be taxable, or partially taxable, in the year the rollover happens.

You may have heard that there is a one per year limit for IRA rollovers. That only applies to certain rollovers where both accounts are IRAs.

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dmertzAnswer

Employee

There are no statutory limitations. Limitations on the frequency or amount of distributions from the TSP are those imposed by the TSP plan itself (and there are limits).

In-service distributions: https://www.tsp.gov/publications/tspbk12.pdf

Distributions after separation from service: https://www.tsp.gov/publications/tspbk25.pdf