Roth TSP and Roth IRA

[Cod]

Do contributions for Roth TSP and a Roth IRA count towards the same dollar number? For example, if I contribute $5,500 to my Roth IRA account, can I contribute anything to my Roth TSP account? My initial thought is that this wouldn't be a problem since Roth TSP would fall under 401(k) rules. Before I dump another max contribution into my Roth IRA, I want to ensure I can still make Roth TSP contributions.

Any clarification is greatly appreciated.

 

[Frixxxx]

From IRS.gov

2012 limit $5,000 (6,000 - 50 yo or older)

2013 limit $5,500 (6,500 - 50 yo or older)

So, IRA either traditional or Roth combined this year is $5,500 TOPS!

 

[domingo3]

Do contributions for Roth TSP and a Roth IRA count towards the same dollar number? For example, if I contribute $5,500 to my Roth IRA account, can I contribute anything to my Roth TSP account? My initial thought is that this wouldn't be a problem since Roth TSP would fall under 401(k) rules. Before I dump another max contribution into my Roth IRA, I want to ensure I can still make Roth TSP contributions.

Any clarification is greatly appreciated.

The answer to "Do contributions for Roth TSP and a Roth IRA count towards the same dollar number?" is "No".

You can contribute $5500 to a Roth IRA and an additional $17500 to your Roth TSP.

 

[Frixxxx]

The answer to "Do contributions for Roth TSP and a Roth IRA count towards the same dollar number?" is "No".

You can contribute $5500 to a Roth IRA and an additional $17500 to your Roth TSP.

I guess he did ask two questions there, thanks domingo.....

 

[Cod]

That's good news. Thanks for the help.

 

[OMA]

Never heard the TSP referred to as Roth TSP.

Edit: Nevermind. Have been out of the service for 4 yrs and it looks like a new program that I'm unfamiliar with.......

 

[Cod]

Never heard the TSP referred to as Roth TSP.

Edit: Nevermind. Have been out of the service for 4 yrs and it looks like a new program that I'm unfamiliar with.......

Yeah, the Roth TSP started in 2012. Nice to have some options now...