Each year, the IRS announces the annual limits that employees can contribute towards their employer-sponsored defined contributions plans, such as the TSP, 401(k) or 403(b). The 2024 IRS annual limit for regular contributions was $23,000, and the Catch-up annual contributions limit was $7,500. The Catch-up contributions could be made in addition to regular contributions, if you were age 50 or older (or were turning age 50 in 2024).
If you had more than one employer in 2024, it is possible that you overcontributed and exceeded the IRS annual limit. If this situation applies to you, beginning in January 2025, you can request a refund of the excess amount by completing a Refund Request Form. You can find the form by logging into your TSP account on the TSP website or by reaching out to the Thriftline at 1-877-968-3778, TDD 1-877-847-4385, Monday through Friday, 7 AM–9 PM Eastern Time.
The TSP Service Office must receive your excess deferral refund request no later than March 15, 2025. They will not be able to process any requests received after that date.
You may also contact your other employer plan to see if you can request a refund of your excess contributions from that plan instead of from your TSP account. It is recommended that you review information from both plans to determine from which plan it would be more beneficial to request the refund.
If you have questions, refer them to your Benefits Contact or AskBenefits@nih.gov.