Well, my blissfully-ignorant faith in the system has been dashed once again upon the rocks of reality.
Spouse has 92% of her Reserve drill pay going into her TSP. (Another 7.45% goes to FICA and she frivolously spends the rest.) This has been an outstanding Reserve drill year for her, so as she approached the $15,500 limit (she's under age 50) I expected that the TSP would anticipate the limit and automatically cut her off.
Unfortunately her DFAS LES shows that next week, when her deposit hits her checking account, she'll have contributed $15,600 to the TSP.
No special pay or bonus money-- just straight base pay. We've never even been close to this situation before so I don't know if the TSP will actually kick back the excess and save us from DFAS' good intentions. We've tinkered with TSP contribution percentages before through MyPay, but if it's done at the wrong point in the cycle then the TSP automatically generates an indebtedness letter that confuses the heck out of the Navy pay people. So although we could mess with her contribution percentages, I'm extremely reluctant to perturb the system any more than we already have.
In the next few weeks we may hear from the TSP, and then there'll be all the fun of sorting out W-2s and IRA contributions. Is $15,500 indeed the limit for 2007? Has anyone else ever had this problem with the TSP, and how did you solve it?
Spouse has 92% of her Reserve drill pay going into her TSP. (Another 7.45% goes to FICA and she frivolously spends the rest.) This has been an outstanding Reserve drill year for her, so as she approached the $15,500 limit (she's under age 50) I expected that the TSP would anticipate the limit and automatically cut her off.
Unfortunately her DFAS LES shows that next week, when her deposit hits her checking account, she'll have contributed $15,600 to the TSP.
No special pay or bonus money-- just straight base pay. We've never even been close to this situation before so I don't know if the TSP will actually kick back the excess and save us from DFAS' good intentions. We've tinkered with TSP contribution percentages before through MyPay, but if it's done at the wrong point in the cycle then the TSP automatically generates an indebtedness letter that confuses the heck out of the Navy pay people. So although we could mess with her contribution percentages, I'm extremely reluctant to perturb the system any more than we already have.
In the next few weeks we may hear from the TSP, and then there'll be all the fun of sorting out W-2s and IRA contributions. Is $15,500 indeed the limit for 2007? Has anyone else ever had this problem with the TSP, and how did you solve it?
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