Can I Contribute to a Roth IRA & Roth TSP? | IRA vs TSP Limits are Different! #116

The Military Money Manual Podcast

Roth limits? IRA limits? TSP limits? We get this question often: "How much can I contribute to my Roth each year?"

There are several DIFFERENT limits at play here and lumping them all as "Roth" isn't quite correct.

Public Service Announcement: Roth IRA is not the same as Roth TSP. You can contribute your maximum to your Roth IRA and still the maximum to your Roth TSP. Or you can do traditional. Bottom line- IRA and TSP limits are NOT the same. IRAs are not the same as employer-sponsored retirement accounts like a TSP or 401k.

In 2024, that means up to $7,000 (per spouse if married filing jointly) PLUS up to $23,000 in your TSP (plus up to $23,000 more in your spouse's TSP or 401k)!

Document your retirement contributions carefully on your taxes. Your TSP contributions are captured on your LES. Your IRA contributions are reported separately on your tax preparation software. Do not combine your TSP and IRA contributions and think you over-contributed and owe a penalty!

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If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual or email [e-mail].

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