What's up guys, this is Cooper from Fed Retirement Planning.com. Today's video is on the myths and problems associated with the TSP and federal retirement. Since running this channel, I've received a lot of questions through my website's contact form, as well as YouTube and Facebook. Many of these questions stem from misinformation, so I want to address some common myths about federal retirement. Firstly, I often hear the misconception that individuals cannot access their TSP until they reach the age of 59 and a half. This is not entirely true. While it is generally advised to let your TSP grow until that age, you can withdraw money earlier if needed. However, be aware that you will have to pay a 10% penalty to the IRS in addition to taxes. It is recommended to avoid early withdrawals unless absolutely necessary, as the penalty can be substantial. The age of 59 and a half is typically associated with in-service withdrawals, which are applicable if you are still working. The second myth I commonly encounter is from individuals considering leaving federal service. They often wonder what will happen to their TSP in this scenario.
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What if an Injured Spouse Is an Innocent Spouse? Only you and your spouse or domestic partner is deemed innocent. An innocent spouse refers to the spouse you married after divorce or legal separation. What if you do not file a claim for Injured Spouse Relief? If you have any questions about your right to file your claim, please call the IRS Enrollment Center at. You may file your claim over the phone. Injury Claims and Innocent Spouses If your marriage ended through no fault of your own — for example, because of a breakdown of your domestic relationship — and you are still married to the person who committed the overpayment, then you may qualify to file a joint claim for your share of the refund of those payments. The amount you are awarded to your innocent spouse depends on the overpayment and the amount of interest you have to pay. For more information about these amounts see What are the Rules for Innocent Spouse/Caretaker Relief? Joint claims must be filed together from the same return, not separately on separate returns. For more information see the following IRS Publication 3, Tax Guide for Injured Spouses (TF–498): What About Injured Spouse Relief if a Married Couple Does Not File a Joint Tax Return? Both of you can file a joint tax return for the joint overpayment, so if one of you is filing a joint return, the overpayment amount will go to you. If either partner is filing separately, the overpayment amount will be allocated between you (you are the injured spouse) and the other partner (the innocent spouse).
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