I max both my traditional TSP and a Roth IRA without doing anything that you describe. After researching to figure out what you're talking about, this backdoor IRA only seems necessary for those who have an income too high ($193k per year) to otherwise legally contribute to a Roth IRA.
Also, I think I saw a question about maxing the TSP and the government match. For those of us who get the government match, it is NOT included toward the max of $18k per year. The combined max is $55k/year. We aren't close to that as TSP members of course, but it makes me wonder if there are employers out there who contribute that much for their employees.
Mike
On Sun, Feb 26, 2017 at 1:46 PM, donle0230@yahoo.com [TSP_Strategy] <TSP_Strategy@yahoogroups.com> wrote:
yes, what you do is called a non deductible IRA contribution, after that, you would do a Roth conversion. Assuming you don't have an outstanding traditional IRA anywhere, It is legal and very easy to do. Google it.On Sunday, February 26, 2017 2:16 PM, "Nelson Garcia it2garcia@yahoo.com [TSP_Strategy]" <TSP_Strategy@yahoogroups.com> wrote:
Question, If I max out on my regular TSP can I still put in money in my private savings bank regular IRA account w/o being penalize by the IRS?
Sent from my iPhone
On Feb 26, 2017, at 7:19 AM, donle0230@yahoo.com [TSP_Strategy] <TSP_Strategy@yahoogroups.com> wrote:For those who max out on TSP and want to add more to retirement, look into backdoor Roth IRA. You could basically add another $5.5K tax free per year. Google it, very easy to do.
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Posted by: Mike VanAmburgh <mjv325@gmail.com>
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