2023 IRS TSP Contribution Limit

[AB19]

New TSP limit of 22500 for next year, or 866 a paycheck. Anyone know off the top of their head when we have to make the change in employee express to reflect for pay period 1?

 

[MN]

You can make that change now since it's within 90-days; just change the effective date to 12/18/2022. Otherwise, I think you have until one day prior to get it in for PP1.

 

[echster]

Think there are 27 pay periods in 2023, so $833 per paycheck.

 

[Logical_Mongoose]

Think there are 27 pay periods in 2023, so $833 per paycheck.

There are 27 pay periods that begin during 2023, but 2023 itself is still the normal 26 pay periods in length and there are only 26 paydays in the year.

We still have about 6 years or so until a year with 27 pay periods and paydays in it. Even then, the New Years holiday can mess with when the actual 27 paydays occur: I think the last one was 2019. Even then it was "paid early" in December 2018 because of the Holiday; but even that is technically bullshit because it was during the shutdown so no one really got to notice it anyways.

 

[Golf delta]

There are 27 pay periods that begin during 2023, but 2023 itself is still the normal 26 pay periods in length and there are only 26 paydays in the year.

We still have about 6 years or so until a year with 27 pay periods and paydays in it. Even then, the New Years holiday can mess with when the actual 27 paydays occur: I think the last one was 2019. Even then it was "paid early" in December 2018 because of the Holiday; but even that is technically bullshit because it was during the shutdown so no one really got to notice it anyways.

Can anyone confirm this data for maxing with 27 pay periods? Is it 833 or 866 next year? Don't want to miss out on matching on the last pay period.

 

[MN]

Can anyone confirm this data for maxing with 27 pay periods? Is it 833 or 866 next year? Don't want to miss out on matching on the last pay period.

It’s 26: enter 866 per PP to properly max out for the year.

 

[I.DO.VEHCTAHS]

There’s 27 pay periods in the 2023 leave year but still 26 in calendar year (aka what the irs cares about)

 

[GulfBravoPapa]

Hey peeps, don't forget to update this if you haven't already.