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TSP Contribution Limits Unchanged in 2016

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 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.

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Ian Smith is one of the co-founders of FedSmith.com. He enjoys writing about current topics that affect the federal workforce.