Max Contributions/catch up question

[catak]

So, I'm contributing 10% of my gross every pay period to the TSP with the agency contributing their share as well. My question, how do I calculate my end of year contributions? Would I just calculate my buy in or the total from myself and the agency x26 pay periods? I'm trying to figure out if I can do catch up if my total contribution is under the limit of $18,000.

Also, if I can catch up, how exactly is the process done? Via TSP login?

Thanks.

[alevin]

Hi Catak. You can't do any catchups unless you expect to do full 18K normal contributions by year end. If you think you will be doing less, then don't do the paperwork for doing any catchups. If at the end of the year, it looks like you'll be able to make full 18K normal, figure out if you can afford to some extra catchup contributions in the last 2-3 pp of the pay year, for me the last pp to do that, usually, is pp24 (pp25 pays out in the new calendar year-start of new year's contributions).

divide 18K by 26pp, and make sure you make the change for next year's regular contributions before this years first pp of the new contributions (for me, pp25) hits paycycle, if you want to start full 18K contribution for next year with the first paycheck that counts. the hr program will tell you if it's still possible, at least my agency's program will.