TSP-1 2019-2024 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 form 2019-2024

How to fill out tsp 1 form:

1. Start by downloading the tsp 1 form from the official website of the Thrift Savings Plan (TSP).
2. Fill in your personal information accurately, including your full name, social security number, and date of birth.
3. Provide your contact information such as your address, phone number, and email address.
4. Indicate your employment status by selecting the appropriate option from the provided choices.
5. Specify your TSP account type, whether it is a traditional TSP account, a Roth TSP account, or both.
6. Enter your contribution amount, which is the percentage or dollar amount you wish to contribute to your TSP account.
7. If you have any current TSP loans, provide the loan information requested in the form.
8. Sign and date the form to certify the accuracy of the information provided.
9. Make a copy of the completed form for your records before submitting it to the TSP.

Who needs tsp 1 form:

1. Active duty military personnel who wish to contribute to the Thrift Savings Plan.
2. Federal civilian employees who want to enroll in or make changes to their TSP contributions.
3. Members of the uniformed services and other eligible individuals who want to participate in the Thrift Savings Plan.

Video instructions and help with filling out and completing tsp 1 form

Instructions and Help about tsp 1 form

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 tsp 1 form

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)

For pdfFiller’s FAQs

What is tsp 1 form?

TSP-1 (Thrift Savings Plan-1) is a form used by federal civilian employees and members of the uniformed services to set up and manage their Thrift Savings Plan accounts. The form is used to enroll in the plan, designate beneficiaries, and make contributions from payroll deductions.

What information must be reported on tsp 1 form?

The TSP-1 form requires the participant to provide their full name, address, Social Security number, date of birth, signature, and beneficiary designation information. The form also requires the participant to specify whether they want to make a one-time deposit or recurring deposits, and the amount they would like to contribute. Finally, the form requires the participant to select one of the TSP investment funds they would like to invest in.

What is the penalty for the late filing of tsp 1 form?

The penalty for late filing of a TSP-1 form is a $25 fine.

Who is required to file tsp 1 form?

The TSP-1 form, also known as the Election Form, is required to be filed by eligible employees who want to participate in the Thrift Savings Plan (TSP). This includes federal employees, members of the uniformed services (including the Army, Navy, Air Force, Marine Corps, and Coast Guard), and employees of the United States Postal Service (USPS) who are covered by the Federal Employees Retirement System (FERS).

How to fill out tsp 1 form?

To fill out the TSP-1 form (Thrift Savings Plan Election Form), you will need to follow these steps: 1. Get a copy of the TSP-1 form from the official Thrift Savings Plan website or your Human Resources department. 2. Begin by filling out your personal information in Section 1. This includes your full name, social security number, contact information, and date of birth. 3. In Section 2, you will need to choose your TSP contribution type. Select whether you want to contribute to a traditional TSP account (pre-tax contribution) or a Roth TSP account (after-tax contribution). You can also choose to contribute to both accounts. 4. Decide on the amount or percentage of your salary that you want to contribute to the TSP in Section 3. You can specify a specific dollar amount or a percentage of your basic pay. If you want your contributions to be invested in target date funds, select your desired fund(s) in this section. 5. Review the TSP Loan information in Section 4. This section provides details on borrowing from your TSP account and the rules and limitations associated with it. If you wish to take a TSP loan in the future, make sure to read this section carefully. 6. In Section 5, review the TSP Catch-Up Contributions information. This section provides details on making additional contributions if you are age 50 or older. 7. In Section 6, you will need to sign and date the form. 8. Once completed, submit the TSP-1 form to your Human Resources department. They will process your election and begin deducting the specified contributions from your salary. Note: It is always recommended to consult with a financial advisor or TSP representative if you have any questions or concerns while filling out the TSP-1 form.

What is the purpose of tsp 1 form?

TSP-1 form refers to the Travel Settlement Proceedings form, which is used by employees of the federal government in the United States to claim reimbursement for travel expenses incurred during official duty trips. The purpose of the TSP-1 form is to provide a detailed account of the expenses and receipts for various travel-related costs such as transportation, lodging, meals, and incidentals. This form is necessary to ensure accurate and timely reimbursement for the employee's travel expenses while following the guidelines and regulations set by the respective government agency.

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