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Friday, March 27, 2020 7:47:00 PM
"There is one significant exception to this analysis. According to the TSP, “If a beneficiary participant (Annuitant’s spouse) dies, the new beneficiary(ies) cannot continue to maintain the account in the TSP. Also, the death benefit cannot be transferred or rolled over into any type of IRA or plan.” If you are the surviving spouse and inherit your husband or wife’s TSP account your beneficiaries must claim the full amount as income the year that you die.
TSP accounts, especially for FERS annuitants, can be hundreds of thousands of dollars and some exceed a million or more. Because your beneficiaries would have to claim all of that income the year it is inherited they could end up in the top tax bracket, depending on your account balance. The top tax bracket for 2015 of 39.6% starts at $413,200 for a single filer to $464,850 for a married couple filing jointly. If they were allowed to transfer the funds to an inherited IRA account they could spread out or defer payments for years.
If you have a spousal TSP account, and want your beneficiaries to have the option to transfer their inheritance to an inherited IRA account when you die, you can transfer your TSP account to an IRA with either a financial planner, brokerage house, or mutual fund family. If you transfer to an IRA account your heirs can, if desired, transfer their share to an inherited IRA and won’t have to claim the entire amount the year of the inheritance."
https://fedretire.net/tsp-ways-to-safeguard-your-heirs-inheritance/
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