By Barbara O’Neill
What is the Internal Revenue Service (IRS) contribution limit for Thrift Saving Plan (TSP) contributions?
In 2013, the IRS increased the contribution limit by $500. Service members under the age of 50 are allowed to contribute up to $17,500 in tax-deferred savings to the TSP for the year 2013. In 2012, the contribution limit was $17,000. Service members age 50 and older can contribute an additional $5,500 in catch-up contributions for the year 2013 for a total of $23,000.
For more information , refer to TSP: Contribution Limits.
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This post was published on the Military Families Learning Network Blog on March 4, 2013.