Q. I’ve settled a case against the government and would like to apply some of the proceeds into my TSP account. I’m over 50. Other than making a “make up” contribution, can I use 415c to make an additional annual contribution that is the difference between $54,000 less my elective deferral, matching contributions, etc?
A. No. Your contributions to the TSP are limited to payroll deferral. You may be able to make a deductible contribution to an IRA for the year, and then transfer the IRA balance into your TSP account, however. Check with your tax accountant to see if you are eligible.