Can I make a 401(k) contribution for the 2017 tax year in March 2018, and is that contribution deductible for the 2017 tax year?
What are the deadlines for making contributions to a 401(k)? Now that it is March 2018, can I make a contribution to my 401(k) for tax year 2017? If I can make a 401(k) contribution for the 2017 tax year, will that contribution be deductible for the 2017 tax year?
The deadline for funding a 401k in 2017 is Dec 31, 2017... with a caveat:
There is one way you could fund a 401k for 2017 now - if you are a business owner. The IRS allows business owners to fund prior year 401k through deferral or company matching up until the corporate tax filing, plus extensions, since many business owners (especially self-employed) may not have the calculation of what their income truly is until the returns are prepared. If you own a business with no employees the options are simple. If you own a business with employees this is more complex. You should consult a retirement plan consultant and your tax preparer for advice on this.
Other than that the deadline is passed and all funding now is 2018 funding.
Contributions to employer retirement plans are deductible in the year they are made. To be deductible in 2017, the contribution must be made by 12/31/2017.
For those who qualify, tax-deductible contributions to IRAs can be made up to the time you file your taxes for the prior year, generally April 15 of the following year.
- Deadline for 401(k) in 2018 is December 31, 2017
- No, with a 401(k) all contributions are for the current tax year
- Yes, contributions made in 2017 are deductible for 2017. This will show up on Box 13 of your W-2
Great questions. I hope this helps.
You may not. Only IRA contributions can be made in 2018 for 2017 before filing deadline. Your 401(k) is always considered tax deferred the year you contribute it. If you are a business owner and have a profit sharing piece to your 401(k) the profit sharing can be mad ein 2018 for 2017 tax year. However, to answer your question you cannot do what you are suggesting.