My family and I are PCSing to a new home state after being over seas for several years. We own a home in GA and will be buying a home in MN. We have renters in the GA home and have had for several years. We will be using our remaining VA entitement to purchase our new primary residence but it will not be 100% financing because of the amount of entitiement left. We will need to take from either our TSP or ROTH to cover the down payment. Thankfully we will only need about 12k.
We have 20k in savings but hate to spend that down so far, it feels good to have that liquid asset cushion within easy reach if we need it.
Our ROTH was only opened in 2015 and has about 16k in it. What are the tax implications if we take from there? And TSP, if we withdraw from that will it affect our income for the tax year?
This is all so complicated and I'm feeling very overwhelmed.
Hello @TPK, Thank you for taking time out of your day to communicate with USAA. Congratulations on your new home in MN. I can imagine how overwhelming the process must be and we look forward to helping put your mind at ease. I'm forwarding your information and post to our IRA Experts for further review and handling. ~ Shane