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 Lev Your Own Question
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29970
Experience:  Taxes, Immigration, Labor Relations
Type Your Tax Question Here...
Lev is online now
A new question is answered every 9 seconds

I have an both a traditional & simple IRA (less than two

Customer Question

I have an both a traditional & simple IRA (less than two years). Will I incur penalties if I transfer accounts to federal government, Thrift Saving Plan (TSP)?
Submitted: 2 years ago.
Category: Tax
Expert:  Lev replied 2 years ago.

Hi and welcome to our site!
Thrift Saving Plan (TSP) is a retirement savings and investment plan for federal employees - and it is classified under section 457(b)
You may rollover funds from traditional IRA to Governmental 457(b) plan without any taxable event.
However such rollover is not allowed from Roth IRA account.
See following rollover chart for your reference
So if you take the money out of your Roth IRA account - that woudl be treated as distribution.
Let me know if you need any help with reporting either transaction.