Is maxing out my TSP each year including the 5% match?
Also is it $23k or $23.5k to max it out? I keep hearing different things.
Also, what happens if you put in more than the max amount yearly?
5% match goes against the annual additions limit, $69,000 in 2024.
It’s $23,000, check TSP.gov for annual limits or Google it, this isn’t arcane, hidden knowledge.
The DFAS computers should prevent you from over contributions. They didn’t a few years ago due to a glitch, but that’s since been fixed.
But if you do over contribute, the over contribution amount will return to you in the first few months of the following year. The over contribution doesn’t just disappear, you get it back.
2 Comments
No. The employer match does not count against you to your $23k max.
If you max it too early, you lose the 5% match. Don’t do that.
https://www.tsp.gov/making-contributions/contribution-limits/?tab=composition
5% match goes against the annual additions limit, $69,000 in 2024.
It’s $23,000, check TSP.gov for annual limits or Google it, this isn’t arcane, hidden knowledge.
The DFAS computers should prevent you from over contributions. They didn’t a few years ago due to a glitch, but that’s since been fixed.
But if you do over contribute, the over contribution amount will return to you in the first few months of the following year. The over contribution doesn’t just disappear, you get it back.