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Thread: TSP LIMITS for 2019 go up

  1. #1

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    Default TSP LIMITS for 2019 go up

    TSP published new information on TSP limits for 2019:

    Here:

    Contribution Limits

    The Internal Revenue Code (IRC) places limits on the dollar amount of contributions you can make to the TSP. The Internal Revenue Service (IRS) calculates them every year and they can change annually. The TSP announces the limits on the TSP website and the ThriftLine as well as through its various publications when the limits become available.





    Contribution Limits for 2019
    Elective Deferral Limit $19,000 IRC §402(g) Applies to combined total of traditional and Roth contributions. For members of the uniformed services, it includes all traditional and Roth contributions from taxable basic pay, incentive pay, special pay, and bonus pay, but does not apply to traditional contributions made from tax-exempt pay earned in a combat zone.
    Annual Addition Limit $56,000 IRC §415(c) An additional limit imposed on the total amount of all contributions made on behalf of an employee in a calendar year. This limit is per employer and includes employee contributions (tax-deferred, after-tax, and tax-exempt), Agency/Service Automatic (1%) Contributions, and Matching Contributions. For 415(c) purposes, working for multiple Federal agencies or services in the same year is considered having one employer.
    Catch-up Contribution Limit $6,000 IRC §414(v) The maximum amount of catch-up contributionsthat can be contributed in a given year by participants age 50 and older. It is separate from the elective deferral and annual addition limit imposed on regular employee contributions.

    If you are a member of the uniformed services
    , you should know that Roth contributions are subject to the elective deferral limit ($19,000 for 2019) even if they are contributed from tax-exempt pay. If you want to contribute tax-exempt pay toward the annual additions limit, you will have to elect traditional contributions for any amount over the elective deferral limit.

    In addition, if you are eligible to make catch-up contributions and you are deployed to a designated combat zone, you will not be able to make any traditional catch-up contributions from your tax-exempt pay. However, Roth catch-up contributions from tax-exempt pay are allowed.

    If you are a member of the Ready Reserve
    and you are contributing to both a uniformed services and a civilian TSP account the elective deferral and catch-up contribution limits apply to the total amount of employee contributions you make in a calendar year to both accounts.

    If you are called to active duty and make tax-exempt contributions to the TSP while deployed in a designated combat zone, the sum of the employee and agency contributions to your civilian account as well as the tax-exempt contributions made to your uniformed services account cannot exceed the annual addition limit.


    Don't miss out on matching contributions.
    If you are a FERS or BRS participant and your contributions reach the IRS elective deferral limit before the last pay date of the year, you will not receive all of the matching contributions to which you would otherwise be entitled. Use the calculator, How much can I contribute?to ensure that you don't leave any money on the table.


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  3. #2

    Join Date
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    Default Re: TSP LIMITS for 2019 go up

    Note:

    Be sure that if you are going to be CLOSE, you double check your deductions in the first pay period of 2019. Federal employees should NOT exceed the amount that adds up to the total for the year. For 2019, that will be NO MORE THAN $730 per two-week pay period if you want to get all the matching dollars you are entitled to earn.

    from the TSP website:

    ************************************************** ************************************************** **


    Contribution year 2019
    IRS Elective Deferral Limit for 2019 $19,000.00
    How much you will have contributed before your new amount is effective $0.00
    Amount you can still contribute this year $19,000.00
    Number of salary payments remaining in 2019 26
    Here’s the new amount you can contribute each remaining pay period if you want to maximize your contributions for 2019 (rounded down to the nearest dollar).
    To change how much you contribute, log into your payroll system and select the Thrift Savings Plan option. Common payroll systems include myPay, EBIS, Employee Personal Page, Employee Express, LiteBlue, and Direct Access.
    $730.00

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