https://ttlc.intuit.com/community/retirement/discussion/is-a-usg-thrift-savings-plan-considered-an-ira-for-tax-purposes/01/2113538#M142758 Sat, 20 Mar 2021 17:41:17 GMT cjsecrest 2021-03-20T17:41:17Z https://ttlc.intuit.com/community/retirement/discussion/is-a-usg-thrift-savings-plan-considered-an-ira-for-tax-purposes/01/2113538#M142758 Sat, 20 Mar 2021 17:41:17 GMT https://ttlc.intuit.com/community/retirement/discussion/is-a-usg-thrift-savings-plan-considered-an-ira-for-tax-purposes/01/2113538#M142758 cjsecrest 2021-03-20T17:41:17Z https://ttlc.intuit.com/community/retirement/discussion/re-is-a-usg-thrift-savings-plan-considered-an-ira-for-tax-purposes/01/2113584#M142763 <P>No, a TSP is not an IRA.</P> <P>&nbsp;</P> <P>A&nbsp;<STRONG>Thrift Savings Plan</STRONG>&nbsp;is a retirement savings and investment plan for federal employees and members of the uniformed services. It is a <STRONG>defined contribution plan,</STRONG> which means that the retirement income you receive from your TSP account will depend on how much you put into your account during your working years and the earnings it accumulates over that time. The TSP is designed to give federal employees the same retirement savings related benefits that workers in the private sector enjoy with 401(k) plans, with contributions automatically deducted from each paycheck.</P> <P>&nbsp;</P> <P><A href="https://www.forbes.com/sites/marybethstorjohann/2015/10/05/tsp-vs-roth-ira-which-is-right/?sh=20e6529e40f4" target="_blank">TSP</A></P> Sat, 20 Mar 2021 17:55:53 GMT https://ttlc.intuit.com/community/retirement/discussion/re-is-a-usg-thrift-savings-plan-considered-an-ira-for-tax-purposes/01/2113584#M142763 ColeenD3 2021-03-20T17:55:53Z