Comments on: 2012 Thrift Savings Plan Contribution Limits http://themilitarywallet.com/thrift-savings-plan-contribution-limits/ Personal finance for military, veterans, and their families Sat, 04 Feb 2012 04:56:31 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Ryan Guina http://themilitarywallet.com/thrift-savings-plan-contribution-limits/comment-page-1/#comment-21104 Ryan Guina Tue, 17 Jan 2012 16:30:43 +0000 http://themilitarywallet.com/?p=610#comment-21104 That's a great question, David, but the answer, so far as I am aware, is no. Contributions must be made during the calendar year. You may still be able to <a href="http://themilitarywallet.com/traditional-ira/" rel="nofollow">open a Traditional IRA</a> to reduce your tax obligation. You have until the tax deadline to fund an IRA for last calendar year. Here are some good options for <a href="http://cashmoneylife.com/where-to-open-a-roth-ira-account/" rel="nofollow">opening an IRA</a>. That’s a great question, David, but the answer, so far as I am aware, is no. Contributions must be made during the calendar year. You may still be able to open a Traditional IRA to reduce your tax obligation. You have until the tax deadline to fund an IRA for last calendar year. Here are some good options for opening an IRA.

]]> By: David http://themilitarywallet.com/thrift-savings-plan-contribution-limits/comment-page-1/#comment-21103 David Tue, 17 Jan 2012 16:14:05 +0000 http://themilitarywallet.com/?p=610#comment-21103 Ryan, Do you know if the TSP allows military members to make contributions for the previous tax year before the tax deadline as other retirement account types do? For instance, I do not currently have a TSP but am interested in opening one and contributing a lump sum for 2011 contributions in order to reduce my 2011 taxable income while also investing. Thanks! Ryan,
Do you know if the TSP allows military members to make contributions for the previous tax year before the tax deadline as other retirement account types do? For instance, I do not currently have a TSP but am interested in opening one and contributing a lump sum for 2011 contributions in order to reduce my 2011 taxable income while also investing.
Thanks!

]]> By: Ryan Guina http://themilitarywallet.com/thrift-savings-plan-contribution-limits/comment-page-1/#comment-17060 Ryan Guina Thu, 16 Jun 2011 21:01:04 +0000 http://themilitarywallet.com/?p=610#comment-17060 Mike, I'm not 100% certain, but I believe there are rules regarding how contributions are made, and in which order they come from your pay. I recommend contacting someone at DFAS or the TSP. Mike, I’m not 100% certain, but I believe there are rules regarding how contributions are made, and in which order they come from your pay. I recommend contacting someone at DFAS or the TSP.

]]> By: Mike http://themilitarywallet.com/thrift-savings-plan-contribution-limits/comment-page-1/#comment-17059 Mike Thu, 16 Jun 2011 20:19:34 +0000 http://themilitarywallet.com/?p=610#comment-17059 Ryan - why does DFAS refuse to let deployed members earning more than the tax free base pay cap make deferred contributions - DFAS insists the first dollars of TSP contributions come from tax free pay! Only if you elect like 100% TSP deduction can I get to my taxable pay! This seems anti-service member as some of us are trying to lower our AGI so we can enjoy certain deductions and credits. Ryan – why does DFAS refuse to let deployed members earning more than the tax free base pay cap make deferred contributions – DFAS insists the first dollars of TSP contributions come from tax free pay! Only if you elect like 100% TSP deduction can I get to my taxable pay!

This seems anti-service member as some of us are trying to lower our AGI so we can enjoy certain deductions and credits.

]]> By: Andrew http://themilitarywallet.com/thrift-savings-plan-contribution-limits/comment-page-1/#comment-11591 Andrew Sat, 13 Nov 2010 19:06:52 +0000 http://themilitarywallet.com/?p=610#comment-11591 Unfortunately no change from 2010. But in this low inflation/COLA environment that is not surprising. Unfortunately no change from 2010. But in this low inflation/COLA environment that is not surprising.

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