2018 Contribution Limit question
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Re: 2018 Contribution Limit question
I attached a copy of my 2018 Payroll Calendar
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Re: 2018 Contribution Limit question
highseas: I read it at tsp.gov under contribution limits....
Contribution Limits for 2018
Elective Deferral Limit $18,500 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.
Contribution Limits for 2018
Elective Deferral Limit $18,500 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.
Re: 2018 Contribution Limit question
https://www.tsp.gov/PlanParticipation/E ... imits.htmlWhere does it say the limit is going to $18,500?
Re: 2018 Contribution Limit question
Oh thanks. I need to adjust my contributions soon then.rebel wrote:highseas: I read it at tsp.gov under contribution limits....
Contribution Limits for 2018
Elective Deferral Limit $18,500 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.
Re: 2018 Contribution Limit question
Thanks for this post. I was looking for the timing, now I know.LostNomad wrote:Input Dec 10 to Dec 23.
Regular: $712
Catch Up: $231
Catch up must be re-input every year.
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Re: 2018 Contribution Limit question
I have the exact same payroll calendar as you for Dept of Interior. Official payday is Tuesday, but it hits my bank Monday, unless its a holiday then it hits the Friday before.rebel wrote:I attached a copy of my 2018 Payroll Calendar
I hope you get it figured out. I am not at maxing out yet, so no problem here.
Re: 2018 Contribution Limit question
Who knows what it will be, but this is still crazy. Reduce everyone's 401k so you can repeal the estate tax?
https://www.marketwatch.com/story/house ... 2017-11-01
Of course this could be just banter...
https://www.marketwatch.com/story/house ... 2017-11-01
Of course this could be just banter...
Re: 2018 Contribution Limit question
This would be disastrous. What the hell are these clowns thinking?cswift01 wrote:Who knows what it will be, but this is still crazy. Reduce everyone's 401k so you can repeal the estate tax?
https://www.marketwatch.com/story/house ... 2017-11-01
Of course this could be just banter...
Re: 2018 Contribution Limit question
rebel wrote:Since the annual contribution has increased from $18000 to $18500 for 2018 when do I submit my payroll change. I know if its 26 pay periods then I would increase to $712 on a Bi-Weekly pay schedule. I saw a calendar and it shows that it will have 27 pay periods for 2018. So I have two questions.
1. When do you submit the payroll change? Pay period 1 starts on Dec 10, 2017 - Dec 23, 2017. Is this the correct time to submit the increase to $712 or do you submit it during pay period 26 which would be between Nov 26 - Dec 9?
2. If 2018 has 27 pay periods do you adjust the bi weekly contribution to $686 to keep getting the 5% matching or is the 27th pay period a correction for the calendar only and no matching will be given in this extra pay period?
Thanks in advance for your time.
Re: 2018 Contribution Limit question
There's a post above that explains this.
Re: 2018 Contribution Limit question
Great info, thank you.
Re: 2018 Contribution Limit question
For those doing Catch Up, Proposed Amendment may require Roth vs Traditional https://www.fedsmith.com/2017/11/13/pro ... ributions/
Re: 2018 Contribution Limit question
So I emailed my HR lady, asking about the new limit of 18.5k, along with the 27 pay periods.
She said you can go into Employee Express right now and put in the new allocation to be executed effective12/10/2017. Here's what it says when you go to change your contribution:
She said you can go into Employee Express right now and put in the new allocation to be executed effective12/10/2017. Here's what it says when you go to change your contribution:
I did mine on Wednesday. Bring it on 2018!Example to follow for deducting equal payments:
Effective Date: December 10, 2017
Number of Pay Periods in tax year: 27
Pay Period Deduction Amount: $686
(i.e. $18,500/27 = $686 rounded up)
The 27th payment will round to $664 to ensure the deduction amount does not exceed the limit for the year.This will ensure you will reach the annual limit on the last pay period of the tax year and continue to receive applicable agency contributions.
Those who 'abjure' violence can do so only because others are committing violence on their behalf.
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Re: 2018 Contribution Limit question
If that remains in the final signed bill, it shouldn't become effective until the 2019 tax year.evilanne wrote:For those doing Catch Up, Proposed Amendment may require Roth vs Traditional https://www.fedsmith.com/2017/11/13/pro ... ributions/
mo meng, mo ching (which loosely means: no money, no life)
Re: 2018 Contribution Limit question
mindofmush wrote:If that remains in the final signed bill, it shouldn't become effective until the 2019 tax year.evilanne wrote:For those doing Catch Up, Proposed Amendment may require Roth vs Traditional https://www.fedsmith.com/2017/11/13/pro ... ributions/
Update: This amendment has been dropped in some of the latest Senate debates.
https://www.fedsmith.com/2017/11/16/hat ... -tax-bill/
Those who 'abjure' violence can do so only because others are committing violence on their behalf.
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