Accidental TSP Contributions Above the $19.5K Limit and Finance Friday Articles
It was announced earlier this year that TSP contributions in 2021 will not automatically stop at $19,500. I posted this on MCCareer.org in July, and here is the original article that post points to:
Word from a senior officer who over contributed already and contacted TSP is that they will fix this issue automatically if you over contribute. Here is what they said:
“Currently the pay system is not designed to stop at 19,500.00. Anything over the limit, if you are under 50, partially rejects at TSP. TSP will only accept up the 19,500.00 limit. We send out the voucher for November TSP tomorrow. Once we get feedback from TSP, we will begin correcting the accounts, and crediting back the amount over the limit. This is all a new change this year due to TSP implementing Spillover. We are currently working on a process to stop the accounts that are not eligible for Spillover at the 19,500.00 limit.”
Here are the articles:
- COULD CHINA’S MASSIVE PUBLIC DEBT TORPEDO THE GLOBAL ECONOMY?
- Discounts for Healthcare Workers in 2021
- Invest, Don’t Bet
- Investing Lessons Learned from Fantasy Football
- No Called Strikes in This Business
- Read Before Selling Stocks Due to the Omicron Variant
- Take Advantage of These 5 Year-End Tax Tips
- The Massive PSLF Overhaul: What You Need to Know
- What’s a Safe Retirement Spending Rate for the Decades Ahead?
- You Don’t Need to Sacrifice Your Life to Become a Physician
Joel Schofer's Career Planning Blog 
December 23, 2021 at 02:01
I checked my December LES, the TSP contributions surpassed the $19,500 limit as expected, so they didn’t fix it prophylactically.
We will see what they eventually do with it.
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