TSP-1 2015 free printable template

THRIFT SAVINGS PLAN TSP-1 ELECTION FORM Use this form to start stop or change the amount of your contributions to the Thrift Savings Plan TSP. Before completing this form please read the Summary of the Thrift Savings Plan and the instructions on the back of this form. Type or print all information. Return the completed form to your agency personnel or benefits office. THRIFT SAVINGS PLAN TSP-1 ELECTION FORM Use this form to start stop or change the amount of your contributions to the Thrift...

How to fill out TSP-1

How to fill out TSP-1

1. Obtain the TSP-1 form from the official TSP website or your human resources office.
2. Fill in your name in the 'Employee Information' section.
3. Provide your Social Security Number.
4. Indicate your agency or uniformed service.
5. Choose your contributions: select the percentage or amount you wish to contribute.
6. If applicable, indicate your agency/automatic enrollment contribution.
7. Sign and date the form at the bottom.
8. Submit the completed TSP-1 to your human resources office or your agency's TSP representative.

Who needs TSP-1?

1. Federal employees and members of the uniformed services who wish to enroll in the Thrift Savings Plan (TSP) need to fill out the TSP-1 form.

Instructions and Help about TSP-1

Learning how to use the TSP withdrawal forms, so I'm not going to bore you and go through every column of these forms because it's quite voluminous but let's start here with the TSP 75 this one is titled the age-based in service withdrawal requests so let's break down those words real quick what is age based age base means you are 59 and a half or older 59 and a half or older, and you're still in service, so we're gonna look at some other forms after you retire but right now we're just talking about still employed in service means still employed, so you're 59 and a half you're still employed, and you want to make this withdrawal request this is the form that you would use, and it's it's got some complications so let's walk through it, I'm going to take you to the biggest concern that you have you'll look on the screen here I'm going to put up box two which is a withdrawal request form this is the amount you are requesting so if you'll notice with this then while you're still employed you can request any amount from the TSP simply because you've reached that magic age of 59 and a half now why half I don't know I guess half the politicians wanted 59 the other half one at sixty, so they compromise to 59 and a half I don't have that's what it is what it is but when you reach that age you can put whatever amount you want on this line, and you can withdraw it now if you'll notice the very next box down it says transfer election here you can elect to transfer that withdrawal directly to an IRA or if you have a Roth TSP you can also do it to a Roth IRA if you would like and so you can check that box, and then you'll take note that a couple of pages later there is on box nine the where you can put in line twenty-twenty nine you can tell them how much or what percentage of the amount you were requesting that you want to transfer to your IRA so let me help you out you're 60 years old, and you are ready to buy that boat before you're ready to retire let's just play that game for a minute, and you need twenty thousand dollars to buy that boat you can move your TSP out decide what percentage of your TSP withdrawal needs to be put in your pocket again now they're going to withhold 20 mandatory federal withholding so gross it up by 20 or get 20 less of a boat one of the other, but there'll be tax if you've got tax deferred money that you're pulling they will send you whatever percentage you want and allow you to roll the rest of it to an IRA if you want so you can have that dual function by going through these two parts of the form okay so make sure your percentage is match they said in dollars now this is percentages when you get down to section nine you have to think through the math on that make sure it makes sense for you and you're calculating the 20 mandatory federal withholding they're going to have as well, so that's the way you can make a partial withdrawal once you've done this one time once you've used this TSP seventy-five it is no longer any good...

People Also Ask about

What is the TSP 70 transfer form?

Form TSP 70 is the form you need to fill up and submit when making a request for a full and immediate withdrawal of your entire vested Thrift Savings Plan (TSP) account balance. The TSP 70 form may be used only after you leave federal employment, and your employing agency confirms your separation from Federal service.

Are there TSP tax forms?

Use this form (TSP-1) to start, stop, or change your contribution amount (including any contribution toward the catch-up limit if you're age 50 or older). Return the completed form to your agency's benefits/payroll office.

What form do I use for TSP transfer of assets?

foRm tSp-60 InStRUCtIonS Use this form to request a transfer or to complete a rollover of tax-deferred money from an eligible retirement plan into the traditional (non-Roth) balance of your Thrift Savings Plan (TSP) account. You must have an open TSP account with a balance when your request is received by the TSP.

What is the TSP full withdrawal form?

Form TSP 70 is the form you need to fill up and submit when making a request for a full and immediate withdrawal of your entire vested Thrift Savings Plan (TSP) account balance. The TSP 70 form may be used only after you leave federal employment, and your employing agency confirms your separation from Federal service.

What is a TSP 41 form?

NOTIFICATION TO TSP OF NONPAY STATUS (AGENCY USE) FORM TSP-41 (5/2022)

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What is TSP-1?

TSP-1, or the 'Tax-Sheltered Annuity Application,' is a form used to establish a tax-advantaged retirement account for eligible employees in certain organizations, allowing them to save for retirement on a pre-tax basis.

Who is required to file TSP-1?

Employees of participating federal agencies and certain nonprofit organizations who wish to contribute to the Thrift Savings Plan (TSP) must file TSP-1.

How to fill out TSP-1?

To fill out TSP-1, individuals should provide their personal information, specify the amount of their contributions, select their investment funds, and sign the application form before submitting it to their human resources office.

What is the purpose of TSP-1?

The purpose of TSP-1 is to facilitate employees in setting up their contributions to the Thrift Savings Plan, which is designed to help them accumulate savings for retirement through tax-deferred growth.

What information must be reported on TSP-1?

TSP-1 requires the reporting of personal identification details, contribution amounts, investment selection preferences, and the employee's signature affirming the submission.