is contribution to IRA decductible when I have TSP
I have a question regarding postal employees that are participating in a TSP Plan but they want to know if they can also have contributions made to an IRA and if that is deductible.
is there any provision regarding postal employees that is different than 401(k) participants that are also participating in an IRA as far as the deductibilty is concerned?
Permalink Submitted by Alan Spross on Thu, 2009-08-13 00:35
The TIRA deduction for a TSP participant follows the same rules as any other retirement plan participant. The phaseout income amount begins for a single at 55k MAGI, for a married participant filing jointly at 89k and for a non participating spouse of a participating spouse at 166,000.
Permalink Submitted by Shahpar Naghshineh on Thu, 2009-08-13 14:56
is there a provision for postal employees regarding deductibility of contributions made to IRA while participating in a TSP Plan?
Permalink Submitted by Alan Spross on Thu, 2009-08-13 19:38
No special provision for postal employees. Therefore, the income phaseout figures for them are as posted in former response.