I would like to know if adding 401K contributions to the additional 6k allowable for my age (over 55) will reduce my tax liability. If allowable how do I file and what forms are needed?
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For 401(k) plans, the maximum contribution is $18,500 for 2018. There is a $6,000 catch-up contribution for taxpayers aged 50 or older. There is no additional catch-up contribution for taxpayers aged 55 or older (apart from the $6,000 mentioned previously).
You cannot make additional contributions to an employer 401k plan after the end of 2018. If it is a solo (individual) 401k plan, you can. There is no additional form to fill out, but the total amount contributed to a solo 401k is entered through Business Deductions and Credits during the interview for your business.
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