The Internal Revenue Service has announced the annual contribution limits for the Thrift Savings Plan and other similar retirement/pension plan contributions for 2016, most of which are unchanged from 2015.
The annual contribution limit for the Thrift Savings Plan will stay at $18,000 per year. This amount also applies to 401(k), 403(b), and most 457 plans.
The catch-up contribution limit for employees aged 50 and over who participate in the TSP also will remain unchanged at $6,000.
The table below shows the progression of recent historical contribution limits to the TSP.
| Year | Annual Contribution Limit | Max Catch-Up Contribution Limit |
|---|---|---|
| 2007 | $15,500 | $5,000 |
| 2008 | $15,500 | $5,000 |
| 2009 | $16,500 | $5,500 |
| 2010 | $16,500 | $5,500 |
| 2011 | $16,500 | $5,500 |
| 2012 | $17,000 | $5,500 |
| 2013 | $17,500 | $5,500 |
| 2014 | $17,500 | $5,500 |
| 2015 | $18,000 | $6,000 |
| 2016 | $18,000 | $6,000 |
The contribution limits for IRAs will also remain unchanged at $5,500. The additional catch-up contribution limit for individuals aged 50 and over is not subject to an annual cost-of-living adjustment and remains $1,000.
The adjusted gross income (AGI) phase-out range in 2016 for taxpayers making contributions to a Roth IRA is $184,000 to $194,000 for married couples filing jointly, up from $183,000 to $193,000. For singles and heads of household, the income phase-out range is $117,000 to $132,000, up from $116,000 to $131,000.
