TSP loan taxed?

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Will I pay taxes on a general purpose TSP loan? I’m considering putting a lump sum payment toward my mortgage.

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Posted by (Questions: 1, Answers: 1)
Asked on May 7, 2018 7:49 pm
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As long as your loan is repaid before you separate from federal service, you will pay no taxes on it.
If you were to separate from federal service without repaying your loan, the remaining outstanding amount of the loan would be considered a taxable distribution and you would owe taxes on it.

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Answered on May 11, 2018 2:10 pm

I believe I asked the wrong question on the taxation of a TSP loan. What I really meant to ask was if the money I borrowed would be taxable as income for the current tax year to the IRS. Basically, I do not want to pay taxes on the money when I borrow it, then again when I begin withdrawing it for retirement. Thank you.

( at May 11, 2018 4:28 pm)
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Hi! How did it go? Online lending services are loyal to the credit history of the client. You are allowed to apply for a loan at the same time in several companies, while you can successfully obtain a loan. To increase the chances and get a credit on the card without failures, you need to follow a few rules. Direct lenders provide payday loans in Saskatchewan an will not refuse if you previously took loans and repaid them on time. If the state of the credit history does not have negative aspects. If the client can provide convincing facts of paying off the debt within the period adopted by the contract, he will get it.

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Answered on July 14, 2020 6:08 am