Military may contribute more to TSP Published Jan. 18, 2006 By 88th Comptroller Squadron WRIGHT-PATTERSON AIR FORCE BASE, Ohio (AFMCNS) -- Effective Jan. 1, military members may contribute any whole percentage of their base pay to Thrift Savings Plan. The total of tax-deferred investments cannot exceed $15,000, which is the Internal Revenue Service's annual elective deferral limit for 2006. Those serving in a tax-free combat zone are allowed up to a total of $44,000 in annual contributions, combining deferred and exempt contributions. Military members also have the ability to invest all or part of their bonuses, special pay or incentive pay, as long as the member contributes from basic pay. Catch up contributions can be made by those 50 years and older once members have reached the elective deferral limit of $15,000 via regular contributions or can certify they will by calendar year end. The catch-up contributions have their own annual limit, which is $5,000 for calendar year 2006. Catch-up contributions will automatically stop with the last pay day in the calendar year or upon reaching the maximum catch-up dollar limit for the year, whichever comes first. TSP open seasons were eliminated July 1, so members may start, change or stop or resume their TSP contributions at any time. Members can enroll or change their contribution amount through Defense Finance and Accounting Service at https://mypay.dfas.mil/mypay.aspx.nth. More information about the TSP program can be found in the booklet "Summary of the Thrift Savings Plan on the TSP home page under Uniformed Services TSP forms and publications at http://www.tsp.gov/.