More 2014 numbers have been announced, this time by the IRS and the TSP.
There will be no changes in the TSP contribution limits. The elective deferral limit remains at $17,500 and the “catch-up” contribution limit remains at $5,500.
There are also no changes in the IRA contribution limits. The regular contribution limit remains at $5,500 and the “catch-up” contribution limit remains at $1,000.
The deduction phase outs for traditional IRAs are:
- $60K to $70K for single filing status
- $96K to $116K for joint filing status if spouse belongs to a retirement plan at work
- $181K to $191K for joint filing status if spouse does not belong to a retirement plan at work
The contribution phase outs for Roth IRAs are:
- $114K to $129K for single filing status
- $181K to $191K for joint filing status
John Grobe’s latest book, The Answer Book on Your Federal Employee Benefits, has just been released by LRP Publications. The book is written in an easy to understand question and answer format and covers all areas of federal benefits from the perspective of an employee at various stages of their career. Order your copy at shoplrp.com.