With many federal employees unexpectedly losing their jobs, now is a good time to review some essential tax rules.

Additionally, hardship withdrawals are subject to income tax and, if the individual is under the age of 59½, an additional 10% early withdrawal penalty may apply. A TSP hardship withdrawal can ...

“But then we have to ask whether you should do a hardship withdrawal,” Zelcer cautions. If you are under age 59 1/2, your TSP distribution will be subject to a 10% penalty, you will owe income ...

The SECURE 2.0 Act, enacted in December 2022, introduces significant changes to retirement savings plans, including a ...

But, there are several things to consider. “If you are under age 59½, then your TSP hardship withdrawal will be subject to an early access penalty of 10%,” he notes. “You will also need to ...