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Atch-up contributions only IV. FOR SERVICE USE ONLY 13. 11. 12. Participant s Signature 16. Payroll Office Number 14. / / Receipt Date (mm/dd/yyyy) 15. / / Date Signed (mm/dd/yyyy) / / Effective Date (mm/dd/yyyy) Signature of Service Official PRIVACY ACT NOTICE. We are authorized to request the information you pro- vide on this form under 5 U.S.C. chapter 84, Federal Employees Retirement System. Your service will use this information to identify your TSP account a.

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How to fill out the Tsp U 1 C online

The Tsp U 1 C form allows individuals aged 50 and older to start, stop, or change their catch-up contributions to their Thrift Savings Plan account. This guide provides clear instructions on completing the form online, ensuring you can manage your retirement contributions effectively.

Follow the steps to complete the Tsp U 1 C form online.

  1. Click ‘Get Form’ button to access the Tsp U 1 C and open it for editing.
  2. In Section I, provide your personal information, including your name, mailing address, social security number, daytime phone number, state, and date of birth.
  3. In Section II, choose the amount of your catch-up contributions per pay period. Ensure to input whole dollar amounts, indicating separate amounts for traditional (pre-tax) and Roth (after-tax) contributions. Remember, your total contributions cannot exceed $5,500 for the calendar year.
  4. Sign and date the form to certify your contributions, acknowledging your ability to make regular contributions up to the allowed maximum.
  5. If you need to stop any catch-up contributions, complete Section III by indicating which contributions to stop, and sign it.
  6. Once all sections are complete, save the changes, download, print, or share the form as needed. Ensure to return it to the appropriate service office responsible for TSP enrollment.

Start filling out your Tsp U 1 C online today to ensure your retirement contributions are managed effectively.

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As a reminder, the IRS announced the new limits for contributions to TSP in 2023. The maximum amount a participant under age 50 can contribute is $22,500. The catch up for investors over age 50 was increased to $7500 for 2023. The total contribution for employees over age 50 for 2023 is $30,000.

With traditional TSP, your contributions go into the TSP before tax withholding. But when you take money from your traditional TSP, you'll pay taxes on both your contributions and earnings at the income tax rate of the year you make the withdrawal.

Highlights of changes for 2023 The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan is increased to $22,500, up from $20,500. The limit on annual contributions to an IRA increased to $6,500, up from $6,000.

The 2022 catch-up contribution limit for workers age 50 and up is $6,500 ($7,500 for 2023).

"Catch-up contributions" are supplemental tax-deferred employee contributions that employees age 50 or older can make to the Thrift Saving Plan (TSP) beyond the maximum amount they can contribute through regular contributions.

TSP-U-1. ELECTION FORM. ORIGINAL TO PERSONNEL FOLDER Provide a copy to the employee and to the payroll office. Use this form to start, stop, or change the amount of your contributions to the Thrift Savings Plan (TSP).

Starting in the year you turn 50, you become eligible to save even more by contributing toward the Internal Revenue Code (IRC) catch-up limit. That means that if you meet the IRC elective deferral limit and keep saving, your contributions will automatically start counting toward the catch-up limit.

Your catch-up contributions will be in addition to the 2023 TSP regular contribution limit, which means employees can contribute up to $30,000 in 2023. To maximize the catch-up contribution amount of $7,500 for 2023, employees will need to contribute an additional $288 per pay period ($7,500/26 = $288.46).

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