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The Roth conversion rules for 2010 and the TSP

I exceed the AGI limits for contributing to a Roth. In 2010 though, can I rollover money that I have in a (military) Thrift Savings Plan account to a Roth? There is both tax-exempt money and taxable money in my TSP account, and I am separated from the military. Does the IRS look at the TSP like it does a traditional IRA as far as this Roth conversion goes, for high income earners?

Asked in Financial Planning - 48 days ago

Tags: TSP Roth AGI limits 

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jillsumner
jillsumner
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Hi Jill,

You can rollover your TSP account into a Roth IRA. However, there will be a one time tax penality for the switch. From there on out your money will grow tax free and can be withdrawn tax free after age 59 1/2. You'll pay the one time tax penality when you file your tax return.

If you have any questions or need help opening a Roth IRA I'd be happy to help, just email me!(I am a financial advisor)

 

 

Answered by JustinGolden at Feb 2, 2010 03:36 PM

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JustinGolden
JustinGolden
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