Excess contributions


Q. I am a Postal Service employee, age 57, and I currently contribute $6,000 a year to a Roth Individual Retirement Account. Am I also allowed to contribute to the Thrift Savings Plan, or would that be considered an excess contribution?

A. You are permitted to contribute the maximum to the TSP, but, depending upon your circumstances, this may limit your ability to contribute to a Roth IRA. See Internal Revenue Service Publication 590 for the rules.


About Author

Mike Miles is a Certified Financial Planner licensee and principal adviser for Variplan LLC, an independent fiduciary in Vienna, Virginia. Email your financial questions to fedexperts@federaltimes.com and view his blog at money.federaltimes.com.

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