Re: [TSPStrategy] TSP 2022 Contribution Max Change

I maxi. to $1038/pp starting PP26. anything I need to be aware of?

Thanks

-----Original Message-----
From: ukchamps29_1999 via groups.io <ukchamps29_1999=yahoo.com@groups.io>
To: TSPStrategy@groups.io
Sent: Thu, Dec 16, 2021 1:11 pm
Subject: [TSPStrategy] TSP 2022 Contribution Max Change

The IRS has set the 2022  maximum limit (for Roth/Traditional TSP contributions) at $20,500. Employees who wish to reach this maximum, but also ensure that they receive all gov't match contributions MUST ensure the biweekly TSP contribution amount they give is 20,500 divided by  26 or the number of pay periods you have in 2022. 

TSP participants turning 50 or older will have any contributions exceeding the IRS limit automatically start counting toward the IRS catch-up limit, which remains unchanged at $6,500. That equals a total contribution limit of $27,000 in the 2022 tax year. These elections will carry over each year unless the participant submits a new one.

For combining the TSP and catch-up TSP (over 50) the use the total amount of 27,000 and divide by 26 for the pay periods.  

Maximum Contributions for 2022 TSP site:

https://www.tsp.gov/making-contributions/contribution-limits/

The deadline for making this change to be in effect for the first withholding period in my agency is tomorrow.

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