Re: [TSPStrategy] 2023 TSP Allotment to make change

For 2023, limits have increased to $22,500 for annual elective deferral, and $7,500 for the catch-up contributions limit.

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

The limit on annual contributions to an IRA increased to $6,500. The IRA catch‑up contribution limit for individuals aged 50 and over remains $1,000.

https://www.irs.gov/newsroom/401k-limit-increases-to-22500-for-2023-ira-limit-rises-to-6500

Thanks,
Jason

On Tue, Nov 15, 2022 at 1:30 PM Liechty, John M (FAA) via groups.io <john.m.liechty=faa.gov@groups.io> wrote:

• December 4 – 17, 2022 (PP26) – Make your 2023 Thrift Savings Plan election/changes in EEX

• The TSP limits for 2022 are $20,500 for regular and $6,500 for catch-up contributions. Roth IRA contributions are capped at $6,500 in 2023.
• You should adjust your TSP contribution during pay period 26 (Dec. 4-17, 2022) if you want to contribute up to the limit to ensure you receive the maximum agency matching contribution. Your election will be effective in pay period 1, and be reflected on the January 10, 2023 paycheck.
• TSP moved to the "Spill Over" method for catch-up contributions in 2021. This means there is no longer a separate election specifically for catch-up contributions. For those 50 and over who want to contribute both regular and catch-up contributions, you will make one combined election.

 

 

Regards,

 

John

 

From: TSPStrategy@groups.io <TSPStrategy@groups.io> On Behalf Of Tim via groups.io
Sent: Tuesday, November 15, 2022 3:21 PM
To: TSPStrategy@groups.io
Subject: [TSPStrategy] 2023 TSP Allotment to make change

 

Does anyone know what PP this year to initiate the change for TSP on First Pay Period of 2023.  
I also think the Limits have gone up for both regular and Catch-Up - would anyone know off hand what the total is.
Thanks

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