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Started By
Message
Early withdrawal question.
Posted on 6/21/23 at 2:13 pm
Posted on 6/21/23 at 2:13 pm
I cashed out my military TSP. When i left active in 2015 it was 12k, and it was only up to 15.5 8 years later. Googling inflation rates i made next to nothing.
They took out 2350 as " estimated taxes" but they didn't send any type of statement or breakdown so I am wondering if I should expect any additional charges next year or if you think the 10% early withdrawal was included in that?
TIA
They took out 2350 as " estimated taxes" but they didn't send any type of statement or breakdown so I am wondering if I should expect any additional charges next year or if you think the 10% early withdrawal was included in that?
TIA
3
Posted on 6/21/23 at 2:56 pm to Gusoline
Would depend on your income, but they only kept a little over 15%.
Posted on 6/21/23 at 6:01 pm to Gusoline
quote:
When i left active in 2015 it was 12k, and it was only up to 15.5 8 years later. Googling inflation rates i made next to nothing.
Sounds like you kept the money in the G Fund which is supposed to track inflation. Guessing you didn't look into moving it into any stock funds?
Posted on 6/21/23 at 6:34 pm to Gusoline
How long ago did you take it out? You could do an indirect rollover into an IRA and save the tax and penalty if it hasnt been 60 days.
Otherwise,you will pay your federal and state income tax rate plus 10% penalty. Without knowing your bracket impossible to known if they withheld enough.
Was any of it Roth TSP?
If you had tax excluded contributions from a combat zone those can be taken tax and penalty free (but better rolled to a Roth IRA)
Otherwise,you will pay your federal and state income tax rate plus 10% penalty. Without knowing your bracket impossible to known if they withheld enough.
Was any of it Roth TSP?
If you had tax excluded contributions from a combat zone those can be taken tax and penalty free (but better rolled to a Roth IRA)
This post was edited on 6/21/23 at 8:18 pm
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