View Single Post
Old 10-02-2009 | 07:44 PM
  #5  
Patch's Avatar
Patch
Gets Weekends Off
 
Joined: Jul 2007
Posts: 112
Likes: 0
From: B-737 FO
Default

Originally Posted by slowplay
While you are activated you may also be able to contribute to the Federal Thrift Savings Plan.
True Statement... However; In 2009, the contribution limit is 16,500 for the 401k. If you contribute to TSP while activated in 2009 and max it out, you won't be able to offer makeup 401k contributions for calender year 2009 upon returning to the airline in 2010 (My case). This is because the IRS looks at TSP and 401k as the same animal in terms of tax advantages. This is what was briefed to me. I'm not a tax expert by any means, but I would look it up to make sure. When I max out the 2010 401k next year, SWA will continue to deduct money out of my paycheck to contribute to the 2009 limit. I've got 3 times the length of my mil leave or 5 years, whichever is shortest to make up the 2009 contributions.

Patch
Reply