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Level 1
posted Mar 19, 2023 8:00:25 PM

Can I make a 401k Contribution now for the previous year? box 11-14 is blank on w2. ?

My employer was bought out by another company. 401k was stopped and then restarted,but 2022 had no contributions.

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1 Replies
Level 15
Mar 20, 2023 2:46:09 AM

AS an employee, your 401k contributions can only be done during the actual tax year involved on your W-2....you can't make a contribution to that year after 31 Dec.

 

There is a "chance" you could make a deductible contribution to an IRA for 2022 (ASAP), but the ability to do so would depend on whether box 13 (Retirement Plan) is checked, or not, on your W-2.....and if checked, yoru income level may restrict how much you could contribute, and still have it be able to be used as a deductible contribution.

 

See the information at:  Retirement Topics - IRA Contribution Limits | Internal Revenue Service (irs.gov)

 

IF you do make an IRA contribution....remember to let the IRA administrator know it is a 2022 contribution.....and know that it is just an income deduction......not a credit.  So that a $1000 contribution would only reduce your taxes by ~ your marginal % tax rate.