I understand the contribution limit for IRAs to be 7,000 (for 2024). If I am contributing $542/mo ($6504/yr) to my Roth IRA through Fidelity and then $356/month ($4272/yr) to my Roth TSP (plus 5% matching). So with a total of $10,776/yr to Roth retirement accounts am I over-contributing?
I suppose the base question is: Does my Roth TSP count as a Roth IRA when the IRS is looking at contribution limits? Thanks in advance!
Posted by tag70
2 Comments
Separate.
7,000 for IRA (traditional/roth), 23,000 for 401K (TSP; traditional/roth)
Not including catch up limits
No. The TSP (either Roth or traditional contributions) is a 401k. It’s limit is $23,000 for 2024.
Your IRA is separate. Its limit is $7000 for 2024.
You can do both $23k in TSP and $7k in IRA.