The Federal Retirement Thrift Investment Board and Internal Revenue Service have announced the annual contribution limits for the Thrift Savings Plan for 2017. They will remain unchanged from 2016 except for a traditional tax-exempt increase. Those limits are:
• Traditional deferred\ROTH\Combination limit: $18,000
• Traditional deferred\ROTH\Combination catch-up limit: $6,000
• Traditional tax-exempt: $54,000
NOTE: The $54,000 total includes tax-exempt combat zone contributions to the traditional TSP account as well as the $18,000 contributions to traditional or ROTH deferred contributions. You cannot make ROTH contributions to the tax-exempt portion of your TSP account.
Members may contribute any whole percentage up to 92 percent of basic pay in 2017, as long as the annual total of the tax-deferred investment, plus ROTH TSP contribution, does not exceed $18,000.
Personnel may also invest all or part of their bonuses, special pay or incentive pay. Members must contribute one percent of basic pay to traditional or ROTH TSP in order to include a percentage for these additional entitlements.
Personnel may use myPay to start, stop or change contributions to Traditional TSP, as well as regular contributions to ROTH TSP.
For more information, call 623-856-7028 or 623-856-3165 or e-mail at email@example.com.