
GP0954EW GIP Interfund Transfer FormLayout 1 Qxd
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People also ask
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How long does a TSP fund transfer take?
Any fund transfer you make before noon eastern time is generally processed that business day.
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What is the difference between contribution allocation and Interfund transfer?
A contribution allocation specifies how you want to invest new money going into your TSP account. An interfund transfer moves the money already in your account among the TSP investment funds.
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What is the penalty for TSP transfer?
The taxable portion of your withdrawal is subject to federal income tax at your ordinary rate. Also, you may have to pay state income tax. An additional IRS early withdrawal penalty of 10% may apply if you're under the age of 59½.
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How are interfund transfers reported in fund financial statements?
These transfers should be reported in the "Other Financing Sources (Uses)" section in the Statement of Revenues, Expenditures and Changes in Fund Balance for the Governmental Funds. It should be noted that interfund transfers do not include loans or advances.
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What is the difference between TSP transfer and rollover?
A direct rollover occurs when the eligible employer plan or IRA sends all or part of your money to the TSP. Money that is directly rolled over is not taxed as income at the time of the rollover. In an indirect rollover, the plan or IRA sends you the money and you send all or part of it to the TSP.
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How does TSP interfund transfer work?
A contribution allocation specifies how you want to invest new money going into your TSP account. An interfund transfer moves the money already in your account among the TSP investment funds. You may start, stop, or change the amount you contribute to your TSP account at any time by using myPay.
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What happens when you do an Interfund transfer TSP?
A fund transfer moves money from one or more specific funds to another specific fund or funds without affecting the rest of your account. As with a reallocation, your fund transfer will move a proportional amount of any traditional or Roth money you have into the fund or funds you specify.
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