Feel free to troll me for my stupidity, I blame mom brain. Need some advice on how to move forward. Currently on maternity leave so unable to talk to CFS and base fleet and family is gapped the civilian financial advisor position.
Wish I could post the screenshots. Wasn't tracking my TSP very well, had a set it and forget it mentality. Ended up contributing $8214 to my Roth TSP which has a $7000 limit. Didn't even notice until I tried doing my taxes the other day. Here is verbatim what I got:
"You Currently Have a Penalty
Because OP made an excess contribution of $1214 to OP's Roth IRA, OP will owe a 6% penalty ($72) each year that excess money remains in the IRA. But don't worry. You can remove this penalty by taking action before April 15, 2026 (or October 15, 2026 if you're filing an extension.) Enter any contribution that you withdrew before April 15, 2026."
How do I move forward. I am 100% ok with just paying the penalty and adjusting my contributions so this doesn't happen again. Just want to settle this so I can finish my taxes. Any advice is welcomed.
Over contributed to Roth TSP – now what?
byu/mollyhoopers inMilitaryFinance
Posted by mollyhoopers
1 Comment
You did not overcontribute. The Roth TSP limit is $23.5k for 2025.
When your tax software asks for how much you put in a Roth IRA, don’t enter your Roth TSP amount. They are not the same thing.