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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 12713
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Just wondering. I have been divorced for 12 years. I was

Customer Question

Just wondering. I have been divorced for 12 years. I was to get my ex's federal thrift savings account. He would not give me the information I needed to obtain it. After about eleven years I finally received it. Problem there is interest that was earned during the 11 years. My ex says I can have it, like he always said. My divorce lawyer at the time wrote it in such a way that it did not include the interest earned. My ex does not want to pay taxes on it and neither do I. I want to roll it over into my IRA. How can this be done?
Submitted: 1 year ago.
Category: Tax
Expert:  Megan C replied 1 year ago.
Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

Thank you for your question, and thanks for using JustAnswer.com. You can roll the entire balance into a traditional IRA without having to pay income taxes. All you need to do is to contact the holder of the Thrift Savings Plan and give them the information for your IRA account. They will have a form to do this. They will send the balance directly to the IRA custodian. You will not owe tax on this amount until you draw it out, so you will still be taxed on the interest just not now - rather when you draw it out of the plan.

Please let me know if you need anything additional. Thanks again for using JustAnswer.com and have a great day.

** Please take a moment to rate my response as "Excellent" so that I may be compensated for assisting you today. Please let me know if my assistance was anything less than "OK Service", as I am compensated based on whether or not I have assisted you with your issue. If you need further clarifications, PLEASE WAIT TO RATE MY ANSWER UNTIL AFTER RECEIVING FOLLOW UP FROM ME. If I receive anything less than OK Service, I do not get paid. Thank you for your kind understanding in this matter. If you have difficulties rating, then simply respond stating that you are having difficulties rating and thank me for my excellent, good, or ok service and we can get the rating applied by the site. This answer is not financial or legal advice, and must not be used as such. For financial and legal advice, please contact a local professional.*
You should be aware that your question, as with most tax questions, can never really be answered completely...addressing all the permutations; that is because of the many assumptions that have to be made I have done my best to determine what I think you are asking and answering it in the most direct and understandable manner possible. If, however, after reviewing the questions, you have any uncertainties or further questions, please do not hesitate to ask.

Customer: replied 1 year ago.

Thanks. Just one more question. Does my ex get the form from the Thrift Savings Plan? It does not matter that he is rolling it over to an IRA that is not his? Thanks again

Expert:  Megan C replied 1 year ago.
Thanks for your follow up. Your ex should get the paperwork from the Thrift Savings plan. It should not matter that the plan is getting rolled into your account, since the rollover is incident to a divorce. There is an exception for divorces. This should not be a problem.

Please let me know if you need anything else additional. Thanks again for using JustAnswer.com and have a great night.

** Please take a moment to rate my response as "Excellent" so that I may be compensated for assisting you today. Please let me know if my assistance was anything less than "OK Service", as I am compensated based on whether or not I have assisted you with your issue. If you need further clarifications, PLEASE WAIT TO RATE MY ANSWER UNTIL AFTER RECEIVING FOLLOW UP FROM ME. If I receive anything less than OK Service, I do not get paid. Thank you for your kind understanding in this matter. If you have difficulties rating, then simply respond stating that you are having difficulties rating and thank me for my excellent, good, or ok service and we can get the rating applied by the site. This answer is not financial or legal advice, and must not be used as such. For financial and legal advice, please contact a local professional.*
You should be aware that your question, as with most tax questions, can never really be answered completely...addressing all the permutations; that is because of the many assumptions that have to be made I have done my best to determine what I think you are asking and answering it in the most direct and understandable manner possible. If, however, after reviewing the questions, you have any uncertainties or further questions, please do not hesitate to ask.

Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 12713
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Megan C and other Tax Specialists are ready to help you
Expert:  Megan C replied 1 year ago.
Thanks for allowing me the opportunity to help you. Please let me know if I can be of any further assistance to you in this matter. Also if you ever need anything else in the future please Simply enter "MyVirtualCPA" in the subject of your question Thanks again for being a JustAnswer customer
Customer: replied 1 year ago.

Hi I do have a follow up question. My ex husband states he was told


from the Thrift Savings that a court order was needed. Do I than need


a lawyer to write up something for my ex and I to sign. Then I can fax it to the Thrift Savings?


Thank you again,


Daryl

Expert:  Megan C replied 1 year ago.
Daryl

Yes you would have a lawyer and have them draw up legal paperwork to sign, and then give that to thrift savings.

Please let me know if you need anything else. Thanks again for using JustAnswer.com and have a great night.

** Please take a moment to rate my response as "Excellent" so that I may receive credit for assisting you today. Please let me know if my assistance was anything less than "OK Service", as I am compensated based on whether or not I have assisted you with your issue. If you need further clarifications, PLEASE WAIT TO RATE MY ANSWER UNTIL AFTER RECEIVING FOLLOW UP FROM ME. If I receive anything less than OK Service, I do not get paid. Thank you for your kind understanding in this matter. If you have difficulties rating, then simply respond stating that you are having difficulties rating and thank me for my excellent, good, or ok service and we can get the rating applied by the site. This answer is not financial or legal advice, and must not be used as such. For financial and legal advice, please contact a local professional.*
You should be aware that your question, as with most tax questions, can never really be answered completely...addressing all the permutations; that is because of the many assumptions that have to be made I have done my best to determine what I think you are asking and answering it in the most direct and understandable manner possible. If, however, after reviewing the questions, you have any uncertainties or further questions, please do not hesitate to ask.

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