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Level 1

Question

Is TSP the same as IRA?

Forum|Forum|4 years ago
February 7, 2022
2 replies
0 views

is a thrift savings plan the same as an ira

TurboTax Free Edition Online

Level 15

No, it is not.

TSP-The thrift savings plan is a defined-contribution plan gives federal employees a plan parallel to what nonfederal employees have with 401(k) plans.

IRA-An Individual Retirement Account (IRA) is a type of plan that you contribute to outside of a work situation.

Level 15

Although they have the same general purpose, they are controlled by different tax laws. Some rules on contributions and withdrawals, especially regarding penalty exceptions, may be very different. And when the program asks for IRA contributions, it is only asking about IRAs. Contributions to work place plans are captured from your W-2.