Pay Period 25 - Start for tax year 2017?

[BRB2021]

This is my first thread on this site so I hope it's in the right place.

I'm calculating how to end up a hair over $18,000 for my regular TSP contributions for 2017 and have also planned to go a hair over $6000 for catch-up contributions. In looking at my pay and leave info., it appears that the contributions started at zero again starting on PP25, 2016. Given this, I take it the last pay period for tax year 2017 will be pay period 24? I hope this makes sense? This is critical since I want to make sure I reach just over $18,000 on the last pay period of the year and then can make sure the $6000 counts too.

I'm looking forward to checking out this forum further since it appears there is a tremendous amount of information contained in it.

 

[uscfanhawaii]

Easier to just count the paydays. If you are paid in 2017, it goes on your 2017 calculation. Don't try to make it harder than it is.

PS: CONGRATULATIONS on your aggressive saving plan!!

 

[evilanne]

This is my first thread on this site so I hope it's in the right place.

I'm calculating how to end up a hair over $18,000 for my regular TSP contributions for 2017 and have also planned to go a hair over $6000 for catch-up contributions. In looking at my pay and leave info., it appears that the contributions started at zero again starting on PP25, 2016. Given this, I take it the last pay period for tax year 2017 will be pay period 24? I hope this makes sense? This is critical since I want to make sure I reach just over $18,000 on the last pay period of the year and then can make sure the $6000 counts too.

I'm looking forward to checking out this forum further since it appears there is a tremendous amount of information contained in it.

If you take the total (18K or 6K) - contributions so far for each & divide each by remaining pay days you should be good. It is best to round up slightly to ensure you reach max--payroll systems should not allow you to exceed the max--so contribution in final pay period will be slightly less. You need to make sure any changes go in before the pay period begins for it to be effective. While normal TSP only changes when you update, Catch up contributions may have to be updated each year--usually by mid December to ensure update is in effect in first pay check of following year.