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Level 1

Can I make a 403b 2016 contribution by any other means than payroll deduction?

I have 403b set up with payroll deductions, but did not reach maximum for 2016.  Is there a way to contribute now in 2017 to maximize 2016 contribution?

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Level 1

Can I make a 403b 2016 contribution by any other means than payroll deduction?

Any retirement accounts that are funded through payroll withholdings cannot be funded directly.

You will not be able to make additional 2016 contributions to your 403(b) plan.  You may, however, qualify to contribute to a traditional IRA to receive a tax deduction (as long as you open and fund the account by April 18).

To input IRA contributions (or to see how a contribution will effect your taxes):

  • Click on Search at the top of your screen
  • Enter "Itemized deductions" in the search box (the IRA deduction is not an itemized deduction, but this will get you to the right place)
  • The first link that comes up should by Jump to itemized deductions - click on this link
  • Scroll down until you come to a box that will allow you Skip to see all tax breaks - click on this
  • Scroll down to Retirement and Investments - click on Show more
  • Click on Start next to Traditional and Roth IRA Contributions

Hint:  If you do make a contribution, make sure that your financial institution is aware that the IRA funds you deposited are to be applied to the 2016 tax year.

View solution in original post

1 Reply
Level 1

Can I make a 403b 2016 contribution by any other means than payroll deduction?

Any retirement accounts that are funded through payroll withholdings cannot be funded directly.

You will not be able to make additional 2016 contributions to your 403(b) plan.  You may, however, qualify to contribute to a traditional IRA to receive a tax deduction (as long as you open and fund the account by April 18).

To input IRA contributions (or to see how a contribution will effect your taxes):

  • Click on Search at the top of your screen
  • Enter "Itemized deductions" in the search box (the IRA deduction is not an itemized deduction, but this will get you to the right place)
  • The first link that comes up should by Jump to itemized deductions - click on this link
  • Scroll down until you come to a box that will allow you Skip to see all tax breaks - click on this
  • Scroll down to Retirement and Investments - click on Show more
  • Click on Start next to Traditional and Roth IRA Contributions

Hint:  If you do make a contribution, make sure that your financial institution is aware that the IRA funds you deposited are to be applied to the 2016 tax year.

View solution in original post