Re: [TSP_Strategy] Re: 2018 contributions

 

Here's the information which was provided to all employees by our Benefit Department. Our agency is serviced by NFC:

"The TSP contribution limit for regular TSP contributions has increased to $18,500 for the 2018 tax year. The 2018 tax year regular TSP contribution limit is applied to the combined total contributions of an employee's Traditional (pre-tax) and Roth (after-tax) TSP accounts. The 2018 tax year TSP Catch-up contribution limit remained $6,000. The 2018 tax year begins December 10, 2017 (beginning of pay period 25, 2017), and ends December 22, 2018 (end of pay period 25, 2018). For the 2018 tax year, there are 27 pay dates (not pay periods). This will impact the per pay period contribution needed to reach the maximum limit(s). See Contribution Elections section below.

Contribution Elections

TSP contribution elections can be made at any time. Due to the 27 pay dates, even though employees can contribute more money to TSP in 2018, the per pay period amount to reach the maximum contribution is actually less in 2018 than in 2017. Employees who wish to maximize regular TSP contributions for the 2018 tax year ($18,500) should elect to contribute $686 per pay period. Employees who wish to maximize TSP Catch-up contributions for the 2018 tax year ($6,000) should contribute an additional $223 per pay period.

Elections to maximize contributions should be made between November 26, 2017, and December 9, 2017, so they will be effective at the beginning of the 2018 tax year. Caution: Elections made before November 26, 2017, will impact the 2017 tax year and any Catch-up elections would end and not continue into 2018. Elections made after December 9, 2017, will be effective after the beginning of the 2018 tax year."

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Posted by: scsi_guru@yahoo.com

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