How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask DanielleCPA Your Own Question
DanielleCPA
DanielleCPA , Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 781
Experience:  CPA experienced in tax and financial planning
50747609
Type Your Finance Question Here...
DanielleCPA is online now
A new question is answered every 9 seconds

Is it possible for me to withdraw money from my Thrift Savings

Resolved Question:

Is it possible for me to withdraw money from my Thrift Savings Plan at the IRS & invest it in gold? Would it be a wise thing to do?
Submitted: 3 years ago.
Category: Finance
Expert:  DanielleCPA replied 3 years ago.

DanielleCPA :

Welcome and thanks for your question!


 

DanielleCPA :

There could be significant tax consequences of this transaction. How old are you?


 

DanielleCPA :

If you are currently working, you can only take an in-service withdraw if you demonstrate financial need or are at least age 59 1/2.


 

DanielleCPA :

Withdrawing to invest in gold would not qualify as financial need, so if you are still actively employed with the government, you would not be able to take a withdraw.


 

DanielleCPA :

If you are not still employed, then you could withdraw your money, but I wouldn't advise it.


 

DanielleCPA :

Any funds you withdraw, with the exception of Roth contributions, qualified Roth earnings or tax-exempt contributions, will be subject to tax at ordinary income tax rates. Depending on the amount you withdraw, this could be a very significant amount of tax, especially if you are under age 59 1/2. If you are under 59 1/2, you will have to pay an extra 10% penalty tax for early withdraw of retirement funds.


 

DanielleCPA and other Finance Specialists are ready to help you