Form Tsp 70 PDF Details

Form Tsp 70 is an annual tax form that is used to report self-employment income. This form is used by people who are self-employed and have net earnings of $400 or more. The form must be filed by April 17th of the year in which the income was earned. There are a number of items that need to be reported on Form Tsp 70, including gross income, business expenses, and your adjusted gross income. Make sure to review the instructions carefully before filing your tax return.

Here are some details you might like to analyze before starting dealing with the form tsp 70.

QuestionAnswer
Form NameForm Tsp 70
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 sec
Other namestsp 99 form 2021, tsp 99 form pdf, tsp 99 form 2020, tsp 99 form

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THRIFT SAVINGS PLAN

TSP-70

WITHDRAWAL REQUEST

Use this form when you are ready to request a withdrawal of your Thrift Savings Plan (TSP) account, but not before you separate from Federal service. Read the instructions on the back before completing this form. Type or print the information requested.

I.

INFORMATION

1.

Name

 

 

 

 

 

 

 

 

 

 

Last

First

 

 

Middle

ABOUT YOU

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2.

 

3.

 

4.

 

 

 

 

 

Social Security Number

Date of Birth (Month/Day/Year)

Daytime Phone (Area Code and Number)

 

5.

Address

 

 

 

 

 

 

 

 

 

 

 

 

Street address or box number

 

 

 

 

 

 

 

 

6.

City

7.

 

 

8.

 

 

 

 

 

 

 

 

 

 

State/Country

 

 

Zip Code

9.I am separated from Federal service and I expect my separation to exceed 31 full calendar

 

 

days from the date of my separation.

 

 

Yes

 

 

No (STOP. See back of form.)

 

 

 

 

 

 

 

 

 

 

 

 

 

II.

10.

Make my withdrawal as soon as possible or

Make my withdrawal in

 

 

YOUR

 

 

 

 

 

 

 

 

 

 

Month Year

WITHDRAWAL

I choose to withdraw my TSP account as indicated below (Check either Item 11 or 12 or 13):

ELECTION

11.

A life annuity

or 12.

A single payment

 

or 13.

A series of monthly payments

 

 

The Annuity Request Package will be sent to you. (CSRS participants skip to Section IV. FERS participants skip to Section VI.)

(Check and complete a or b or c):

a.

 

Payments for

 

 

months or

b.

$

 

 

per month or

c.Payments based on IRS life expectancy table

III.

14.

 

 

 

I want all or a portion of my single payment or of each monthly payment to be transferred

TRANSFER

 

 

 

 

to an Individual Retirement Arrangement (IRA) or other eligible retirement plan. (See back of

 

 

 

 

 

form for restrictions on transfer of monthly payments.) Also complete Form TSP-70-T.

 

 

 

 

 

 

 

 

 

IV.

15.

Are you married (even if separated from your spouse)?

 

 

SPOUSE

 

 

 

 

Yes (Complete this section.)

 

No (Skip to Section VI.)

 

 

 

 

 

 

 

 

 

TRANSFER

16.

 

 

 

 

 

 

 

 

 

Spouse’s Name

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Last

 

First

Middle

17.Spouse’s Social Security Number

18.Spouse’s Address

Street address or box number (If same as yours, write “SAME.”)

19. City

20.

 

21.

 

 

 

 

State/Country

 

Zip Code

22.

Check here if you do not know where your spouse’s address. (See back of form.)

V.

SPOUSE WAIVER OF ANNUITY BENEFIT

Married FERS participants only

Your withdrawal election in Section II does not provide for a joint life annuity with 50 pecent survivor benefit, level payments, and no cash refund, as required by law. Therefore, this election cannot be processed unless your spouse waives the right to that annuity.

Spouse: I give up my right to the prescribed joint life annuity by signing below.

23.

 

 

24.

 

 

Spouse’s Signature

 

 

Date Signed

25.

 

Check here if you cannot obtain your spouse’s signature.

(See back of form.)

 

VI.

YOUR SIGNATURE AND CERTIFICATION

I certify that the information provided above is true to the best of my knowledge. Warning: Any intentional false statement in this application or willful misrepresentation concerning it is a violation of the law that is punishable by a fine of as much as $10,000 or imprisonment for as long as 5 years, or both (18 U.S.C. 1001).

26.

 

27.

 

 

Participant’s Signature

 

Date Signed

Form TSP-70 (11/94)

INFORMATION AND INSTRUCTIONS

Make a copy of this form for your records. Mail the original to:

Thrift Savings Plan Service Office

National Finance Center

P.O. Box 61500

New Orleans, LA 70161-1500

Telephone number: (504) 255-6000

TDD: (504) 255-5113

Read the booklet Withdrawing Your TSP Account and the notice “Important Tax Information About Payments From Your Thrift Sav- ings Plan Account” before you make your withdrawal election. Your agency must give you these materials when you separate from service. If it has not done so, ask your agency for them.

Accounts of $3,500 or less. When your agency reports that you have separated from service, the TSP will notify you about auto- matic cashout procedures or leaving your money in the TSP. If the TSP receives a properly completed Withdrawal Request before issuing your cashout notice, your election will be processed, and a cashout notice will not be sent to you.

Accounts of more than $3,500. If you wish to leave your money in the TSP, you do not need to submit any forms. If you wish to withdraw your account, spouse notice or waiver requirements apply (see instructions for Sections IV and V).

SECTION I. 9. Separation from Federal service. If either

part of this item is not true, you are not eligible to withdraw your account at this time; do not submit this Withdrawal Request. If you have separated but anticipate being rehired after a break in service of more than 31 full calendar days, see the withdrawal booklet for important information about rehired participants and withdrawal restrictions.

SECTION II. 10. Date of withdrawal. Check the appropriate box to indicate whether you want your withdrawal as soon as it can be processed or at a specific future date. The timing of your withdrawal depends on when we receive this form and when your agency submits your separation information. If you choose a specific date more than four months in the future, the TSP will notify you before that date and will provide current withdrawal and tax information.

Note: You cannot request a withdrawal for a future date that is later than March of the year following the year you become 70 1/2.

11:Life annuity. Your account balance must be $3,500 or more before an annuity can be purchased. The TSP will send you the Annuity Request Package (Form TSP-11-A-B-C) four months be- fore the date you choose in Item 10, or immediately, if you request a withdrawal to be made as soon as possible. Spouse notice or survivor annuity requirements will apply when you complete your annuity election.

12:Single payment. Your entire account balance will be paid

out at one time.

13:Series of monthly payments. You can have monthly pay- ments determined in one of three ways. Choose carefully, because you cannot change the way your payments are deter- mined one they begin. For 13a or 13b, your montly payments must be at least $25.

You may choose one of the following:

a.Number of monthly payments. Indicate the number of monthly payments you wish to receive. At the beginning of

each year, the TSP will recalculate your monthly payment amount based on your account balance at the end of the preceding year and the number of payments remaining.

b.Monthly payment amount. Indicate the dollar amount of your monthly payments. You will receive payments in this amount until your entire account balance has been paid.

c.Payments based on IRS life expectancy table. (Table V, 26 CFR Section 1.72-9). At the beginning of each year, the TSP will recalculate your monthly payment amount based on your account balance and your age.

SECTION III. 14. Transfer to an IRA or other eligible re- tirement plan. Check Item 14 if you want the TSP to transfer all or part of your single payment or all or part of each monthly pay- ment to an IRA or othe eligible retirement plan. You must also submit Form TSP-70-T, Transfer Information. If you request a transfer at a date more than four months in the future, do not submit Form TSP-70-T at this time. The TSP will mail you a notice several months before your chosen withdrawal date to remind you to submit current transfer information. If Form TSP-70-T is not then received, your election will be cancelled.

Note: The TSP cannot transfer annuity payments, monthly payments based on the IRS life expectancy table, or montly payments expected to last 10 years or more (i.e., 120 or more months). If you are choosing monthly payments in a specific dollar amount (13b above), see the withdrawal booklet to estimate whether your payments will be eligible for transfer.

SECTION IV and V. Spouses’ rights apply to accounts that

are more than $3,500 at disbursement. If your account balance is $3,500 or less, you do not need to complete these sections.

Spouses’ Rights

Classification

Requirement

Exceptions

FERS

Spouse is entitled to a survivor

Whereabouts unknown

 

annuity unless he or she waives

or exceptional circum-

 

that right.

stances

CSRS

Spouse is entitled to notification

Whereabouts unknown

 

by TSP of participant’s election.

 

 

 

 

 

 

22:Cannot provide spouse’s address. If you are a married CSRS participant and you do not know the whereabouts of your spouse, you must submit Form TSP-16, Exception to Spousal Re- quirements, with the required documentation. (If you are a mar- ried FERS paticipant, you must complete Items 15 - 17, but you do not need to provide your spouse’s address.)

25:Cannot obtain spouse’s signature. If you are a married FERS participant and you cannot obtain your spouse’s signature because his or her whereabouts are unknown or you believe that exceptional circumstances apply, you must submit From TSP-16, Exception to Spousal Requirements, with the required documen- tation. (If your current spouse has previously waived the right to a survivor annuity, this section does not have to be completed.)

SECTION VI. 26 - 27. Signature and certification. You

must sign and date this section; otherwise, this form will not be accepted.

PRIVACY ACT NOTICE. We are authorized to request this information under

Title 5, U.S.Code Chapter 84, Federal Employees’ Retirement System, Subchapter III, Thrift Savings Plan. Executive Order 9397 authorizes us to ask for your Social Security number, which will be used to identify your account. We will use the information you give us to process the withdrawal of your TSP account. This infomation may be shared with other Federal agencies in order to administer your account or for statisti- cal, auditing, or archiving purposes. It may also be shared with Federal, state, and local agencies to determine benefits under their programs, to obtain information nec- essary under this program, or to report income for tax purposes. In addition, we may

share this information with the Parent Locator Service, Department of Health and Hu- man Services, for the purpose of enforcing child support obligations against the TSP paticipant. We may share this information with law enforcement agencies when they are investigating a violation of civil or criminal law. We may give this information to fi- nancial institutions, private sector audit firms, annuity vendors, current spouses and, to a limited extent, former spouses and beneficiaries. Finally, this information may also be disclosed to others on your written request. While the law does not require you to give any of the information we are asking for on this form, it may not be possible to process the actions you request by this form if you do not give us this information.

Form TSP-70 (11/94)

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