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Tax Year 2008

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This is to remind employees that the 2008 tax year contains 27 salary payments (pay period 25, 2007 through pay period 25, 2008). The official pay date for pay period 25 in 2008 is December 31, 2008. Therefore, salary payments received for pay period 25, 2008, is considered income received during the 2008 tax year.

In addition, employees should closely monitor their Thrift Savings Plan (TSP) account to determine if they will exceed the 2008 annual elective deferral limit of $15,500 prior to pay period 25, 2008. TSP contributions are automatically suspended when the maximum rate is reached. This is extremely important to employees covered by FERS since the agency matching TSP contributions will also be suspended when the elective deferral limit has been reached. FERS employees are encouraged to use the TSP on-line calculator at http://www.tsp.gov/calc/contributions/index.html to ensure that they receive the agency matching contributions throughout the year without reaching the maximum elective deferral limit.

If you have any questions, please contact your Servicing Human Resources Office.