Roth Conversions from a Thrift Savings Plan TSP? - 254

Your Money, Your Wealth

Realestate, Income, Investing, Personalfinance, 401k, Rothconversion, Retirement, Education, Taxes, Socialsecurity, Personalfinances, Finance, Retirementplanning, Investments, Stocks, Business, Roth, Fiduciary, Ira

2.3 • 681 Ratings

🗓️ 31 December 2019

⏱️ 50 minutes

🔗️ Recording | iTunes | RSS

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Summary

The thrift savings plan (TSP) explained, and the rules around Roth conversions from TSPs. Plus, Joe and Big Al answer your questions about, what else, Roth conversions and contributions: age limits on making conversions, backdoor Roth conversions, Roth contribution phase-outs and recharacterizations, and the pro-rata rules. Plus, Joe explains, again, his distaste for fixed index annuities, and we find out why Big Al is called “Big”. Ask money questions, read the transcript & access free financial resources: http://bit.ly/YMYW-254

Transcript

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0:00.0	Happy New Year's Eve. Today on your money, your wealth, the TSP or Thrift Savings Plan explained.
0:07.0	The updated rules around withdrawals from the TSP, and Joe and Big Al go over the rules around Roth conversions from TSP's.
0:14.0	Plus, the fellas answer your questions about, what else, Roth conversions and contributions, age limits on making conversions, backdoor Roth conversions and RMDs,
0:23.7	Roth contribution phaseouts and recharacterizations, and the pro rata rules.
0:28.2	Plus, Joe will explain, once again, his distaste for fixed indexed annuities.
0:32.9	And we'll find out why Big Al is called Big.
0:36.0	As a reminder, rules for stretch IRAs, RMD withdrawals,
0:39.3	and more are changing in 2020 thanks to the passage of the Secure Act, which was passed
0:44.8	after this episode was recorded. So to be sure that you have the most up-to-date information,
0:50.2	download our Secure Act guide from the podcast show notes at Your Money Your Wealth.com.
0:55.1	I'm producer Andy Last, and here on the final day of 2019 are Joe Anderson CFP and Big Alclopine CPA.
1:02.8	We got Matt from Carlsbad, California.
1:05.3	Awesome.
1:06.7	Good morning.
1:09.1	I guess he wrote this to us.
1:10.7	In the morning. Yeah, over breakfast this to us in the morning.
1:11.2	Yeah, over breakfast.
1:12.3	Yeah, right.
1:13.7	He's got, I have a good sum of funds in my traditional TSP account,
1:19.0	and a healthy part of this is tax exempt.
1:24.3	Okay.
1:24.9	I do not have a large amount in my Roth TSP.
	...

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