2014 TSP and IRA Contribution Limits

More 2014 numbers have been announced, this time by the IRS and the TSP.

FedSmith.com author John GrobeBy Categories Federal Employee Retirement Leave a comment

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

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About the Author

John Grobe is President of Federal Career Experts, a firm that provides pre-retirement training and seminars to a wide variety of federal agencies. FCE’s instructors are all retired federal retirement specialists who educate class participants on the ins and outs of federal retirement and benefits; there is never an attempt to influence participants to invest a certain way, or to purchase any financial products. John and FCE specialize in retirement for special category employees, such as law enforcement officers.

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