Are 401k contributions counted in the year they are taken from paycheck or year they are deposited in an account?

[93fzj80]

$01k contributions were with held from my weekly paychecks from mid October 2016 to mid November 2016. My employer deposited a lump sum to cover these contributions in mid January 2017. I would like to count these contributions towards my 2016 limit.

[dmertz]

Note that your employer was required to deposit the amount withheld in October no later than November 21, 2016 and the amount withheld in November no later than December 21, 2016.  Seems a bit odd that they were not deposited until January 2017.

[93fzj80]

The 401k plan is with my union hall not the employer themselves. We have had issues in the past with contributions being late. It has never been between two tax years till now.

[MaryK1 · Accepted solution]

The contribution is when the employer took the money from your paycheck- so you can count those toward the 2016 limit. 

[93fzj80]

The contributions were not reflected on my w2 form. neither line 12 or line 1. Do I need to obtain a corrected w2?  Thank you for your help.

[MaryK1]

They would not be included on Line 1 because they are not taxed but they should be on Box 12 with code D- I would ask for a corrected form but if you know the amount you do not have to wait for the W2

[93fzj80]

The contribution amount was not excluded from my wages on line 1. Can I adjust the figure when I input my w2 info.

[MaryK1]

It is okay as long as they do the W2 correction with the IRS.