I want to open a Roth IRA account and have more than the $6000 max limit per year invested in a TSP (Thrift Savings Plan) from my time in the military. I was wondering if I can somehow roll that money into a New IRA account and how to go about it. Thank you!
Welcome @Jackles7!
So TSP’s are pretty awesome actually. They have super low fees, great index fund options, all the good stuff.
You can roll it to an IRA, but if you do the tax status will have to match up. i.e. if the TSP is all pre-tax money, you wouldn’t roll it to a Roth IRA, you’d roll it to a Traditional/Rollover IRA. Any rollover doesn’t count at all toward the contribution limit, so if you rollover $20K (for example) you can still contribute $6K that year to an IRA.
So that said, I might consider just leaving the TSP there and letting it grow indefinitely. If you do want to roll it over for convenience sake or something, that’s fine. Roll it to a Rollover/Traditional IRA and make future contributions to a separate Roth IRA. 