Money Monday

first_imgBy Barbara O’NeillRetirement ceremony for Air Force Maj. Gen. Donald Fick on June 21, 2012.What is the Internal Revenue Service (IRS) contribution limit for Thrift Saving Plan (TSP) contributions?In 2013, the IRS increased the contribution limit by $500. Service members under the age of 50 are allowed to contribute up to $17,500 in tax-deferred savings to the TSP for the year 2013. In 2012, the contribution limit was $17,000. Service members age 50 and older can contribute an additional $5,500 in catch-up contributions for the year 2013 for a total of $23,000.For more information , refer to TSP: Contribution Limits.Browse more military personal finance webinars and articles answered by experts.Follow Dr. O’Neill on Twitter!This post was published on the Military Families Learning Network Blog on March 4, 2013.last_img