First Republic Private Wealth Management includes First Republic Trust Company; First Republic Trust Company of Delaware LLC; First Republic Investment Management, Inc., an SEC-Registered Investment Advisor; and First Republic Securities Company, LLC, Member FINRA/ SIPC.
Contributions to a traditional IRA reduce your AGI (Adjusted Gross Income) and lower your taxes. Your contribution must be made by April 15 following the tax year to be deductable. Contributions to a Roth IRA do NOT reduce AGI and do not lower your current taxes.
Roth TSP and Roth IRAs. Roth TSP contributions do not count toward the limits on Roth IRA contributions. This just means that if you are eligible to contribute to a Roth IRA, making Roth TSP contributions won't lessen the amount that you can contribute to a Roth IRA. On the other hand, it's possible that making Roth TSP contributions may make you ineligible for a Roth IRA. That's because your Roth contributions are counted as part of your adjusted gross income (AGI), while your traditional pre-tax contributions are not.