Reply to Max out TSP, but make too much for Roth IRAs. How else do we save for retirement?

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Reply to "Max out TSP, but make too much for Roth IRAs. How else do we save for retirement?"

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[quote=Anonymous][quote=Anonymous]I would like to do a back door Roth IRA.

I am a retired fed with a TSP account.

I also have a traditional IRA that I took tax deductions on over the last 20 yrs...over 100k.

I am working and have a 401k with my new employer that I am maxing out.

I would like to do a backdoor Roth IRA but I would put $6k in Backdoor IRA but because I have 100k in my IRA i would have to pay taxes on about 95%.

My question is can I roll my IRA into the TSP then do a backdoor Roth IRA without having to pay taxes on the rollover.

Thanks...

[/quote]

I did this last year. You need to fill out form TSP-60 to request direct transfer of your traditional IRA into your TSP. You can do as direct transfer (from your IRA financial institution directly do TSP) rather than rollover (where they send the money to you and you forward it). I recommend transfer rather than rollover - minimizes the chance of something going wrong and it getting treated as a distribution.

Caveat that I am not retired, but I believe the TSP will still allow transfers/ rollovers in during retirement.

https://www.tsp.gov/forms/transfersAndRollovers.shtml[/quote]

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