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2. social security calculator by age
   service withdrawal basics

3. 
   In-service withdrawal types và terms

• • TSP loans

  • Taking money from your account

  • In-service withdrawal basics

    • Financial hardship
    • In-service withdrawal types and terms
    • Making an in-service withdrawal
    • Alternatives to withdrawal

  • Withdrawals in retirement

In-service withdrawal types and terms

There are two types of TSP withdrawals for active federal civilian workers và members of the uniformed services : financial hardship & age-59 ½ .

Financial hardship in-service withdrawals

To qualify for a financial hardship withdrawal, you must have a financial need for at least one of the following reasons :

• Recurring negative monthly cash flow
• Medical expenses (including household improvements needed for medical care) that you have not yet paid and that are not covered by insurance
• Personal casualty loss(es) that you have not yet paid and that are not covered by insurance
• Legal expenses (such as attorneys’ fees and court costs) that you have not yet paid for separation or divorce from your spouse
• Losses due to a major disaster declared by the Federal Emergency Management Agency

Additional requirements for financial hardship withdrawals

In addition béo the eligibility rules, the following apply :

• You cannot withdraw less than $1,000.
• You may only withdraw your own contributions and any earnings those contributions have accrued.
• If you have two separate TSP accounts – a civilian TSP account and a uniformed services account – you can only make a financial hardship withdrawal from the account associated with your active employment at the time of your withdrawal. However, if both of your accounts are associated with your active employment, you can make a financial hardship withdrawal from each account.

When you complete your application, you will be required phệ certify, under penalty of perjury, that you have a genuine financial hardship .

Consequences of financial hardship withdrawals

Your financial hardship withdrawal is subject bự federal income tax &, in some cases, state income tax. If you’re younger than 59 ½, you may have bự pay a 10 % early withdrawal penalty tax. Any tax-exempt or Roth contributions included in your withdrawal are not subject béo federal income tax ; neither are any qualified Roth earnings .
Be sure bự read the booklet Tax Rules about TSP Payments béo learn more about the tax rules affecting your financial hardship withdrawals .

Age-59 ½ in-service withdrawals

Age-59 ½ in-service withdrawals are withdrawals that you can make from your TSP tài khoản when you’re age 59 ½ or older. We determine your age based on the date of birth reported by your employing agency or service. If that date is incorrect, you must ask your agency or service mập change it .

Rules for age-59 ½ withdrawals

• You can only withdraw funds in which you are vested (i.e., funds you are entitled to keep) based on your years of service.
• The amount of your age-59 ½ withdrawal must be at least $1,000 or your entire vested account balance (even if it’s less than $1,000).
• You may only take up to four age-59 ½ withdrawals per calendar year. If you have two separate TSP accounts—a civilian TSP account and a uniformed services account—you can only make age-59 ½ withdrawals from the account associated with your active employment at the time of your withdrawal. However, if both of your accounts are associated with your active employment, you can make age-59 ½ withdrawals from each account.

Consequences of age-59 ½ withdrawals

When you make an age-59 ½ withdrawal, you must pay trăng tròn % federal income tax on the taxable portion of the withdrawal unless you’re able phệ roll it kết thúc béo an IRA or an eligible employer kế hoạch .
The booklet Tax Rules about TSP Payments provides more information about the tax rules affecting age-59 ½ withdrawals .

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