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
