I took a taxable distribution from my 401k in 2017. Can I offset the taxes from the distribution with an IRA contribution? Do timetables apply. For example, do I have to make the IRA contribution within a certain time of taking the distribution.
If you just want to make a contribution to the IRA (not a roll over or the distributed funds ) then you must be eligible to make the contribution and to deduct it ... you have until the filing due date of the return to make a contribution for the prior tax year.
If you want to transfer funds, that is a rollover. You want the transfer to happen without you getting a check, directly from trustee to trustee. It can be any dollar amount. Rollovers and transfers are not taxable.
If you withdrew money from the 401(k) and got the money or check yourself, you have 60 days to make a rollover contribution to an IRA. Make sure the IRA trustee knows this is a rollover. You can only do one rollover per year. To avoid tax you have to rollover the entire amount even if some was withheld for taxes. (For example, if you withdrew $100,000 and the 401(k) trustee withheld $20,000 for tax, you have to deposit $100,000 into the IRA. You will get the withholding back as part of your tax refund when you file in the Spring. If you only deposited $80,000 in the IRA, the other $20,000 would be a taxable distribution -- and incur a penalty if you are under age 55.
If you withdrew money from a 401(k) and is more than 60 days, then you can't do a rollover. You could make an ordinary contribution to an IRA if you meet the requirements (must have earned income, deductibility limits apply if you are working for an employer with a retirement plan) and your contribution is limited to $5500 if you are under age 55 or $6500 if you are over age 55. If you are married, your spouse may also be able to contribute to an IRA in their name for an additional deductible amount. But in this case, the withdrawal and the contributions are treated as completely separate transactions; the withdrawal is subject to tax (and penalties) according to the usual rules and the contributions are subject to the usual rules. Regular IRA contributions can be made for the 2017 tax year up to your tax filing deadline (April 15, 2018, or October 15, 2018 if you have an approved extension.)