In this episode, Ed and Dan explain what happens when federal employees contribute too much to their Thrift Savings Plan (TSP), especially if they also participated in another employer-sponsored retirement plan such as a 401(k) during the same year. This episode walks through how excess contributions can occur, how to identify them using W-2 forms, and the steps participants must take to request a refund before important IRS deadlines to avoid additional tax complications.
Join us as Dan and Ed break down the rules surrounding excess retirement plan contributions and highlight what federal employees should do if they accidentally exceed annual TSP contribution limits.
In this episode, you’ll learn:Source Article: https://stwserve.com/what-are-the-consequences-of-making-excess-contributions-to-the-tsp/
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The FedLife Podcast is your in-depth, biweekly deep dive into the world of federal benefits and retirement planning. Hosted by federal benefits expert Ed Zurndorfer and Dan Sipe of Serving Those Who Serve, each 30-minute episode unpacks the complexities of FERS and CSRS retirement, FEHB and Medicare, survivor benefits, tax planning, and more. Designed for federal employees and retirees who want more than just the basics, FedLife goes beyond the headlines to explore the rules, nuances, and strategies that can make a meaningful difference in your retirement. Remember: it’s your Fed life, make it a great one.
The Fed15 Podcast is your weekly 15(ish)-minute briefing on federal benefits and financial planning, built specifically for federal employees and retirees. Hosted by Dan Sipe and Katelyn Murray of Serving Those Who Serve, each episode delivers clear, actionable guidance on topics like FERS and CSRS retirement, TSP strategies, FEHB, survivor benefits, tax planning, and more! Whether you’re five years from retirement or already there, The Fed15 helps you cut through the noise, avoid costly mistakes, and make confident decisions about your federal benefits.
