TSP max contribution under 50 question

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tspwizard1
Posts: 258
Joined: Sat Jan 23, 2016 5:33 pm

TSP max contribution under 50 question

Post by tspwizard1 »

I know max contributions for someone under 50 is $19,500 a year, so $750 a pay period. My question is can I go over $750 contributions a pay period for the rest of the year to get to the max of $19,500? Can I start contributing like $1350 a pay period because my contributions were only $250 up until this pay period in the year? I'd like to put away the full $19,500 if they will let me.

tspwizard1
Posts: 258
Joined: Sat Jan 23, 2016 5:33 pm

Re: TSP max contribution under 50 question

Post by tspwizard1 »

I did the actual math and I need to put $1158.49 for the remaining 15 pay period of 2021 into tsp to reach the $19,500 limit for someone under 50. Can I do this?

Scarfinger
Posts: 626
Joined: Mon Jan 30, 2012 12:00 am

Re: TSP max contribution under 50 question

Post by Scarfinger »

Yes you can do that. TSP wont let you put more than 19,500. For example if you put 1200 a month in per pay for the rest of the year... TSP just stops taking the money when you reach 19,500. That is what they told me when I called them asking if there was any way I could put too much money in the TSP by accident.

They did say it still could be possible to put to much money, more than $19,500 a year, if you have multiple retirement accounts.

But from the research I have done I am 99% sure you can put 19,500 in your work 401K and then another 6,000 in an IRA at your age. Oh, and your matching contributions don't count toward the 19500 but can't exceed 58,000 for the year.
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