My wife and I each contributed less than 18,000 to our 2016 401k accounts. We want to make contributions to bring us up to that 18k amount. Won't that lower our taxable income for 2016? and, if so, how do I enter that in turbo tax?

[helloryan]

Thank you.

[macuser_22 · Accepted solution]

No.  You cannot make a 2016 401(k) contribution after Dec 31, 2016.  That would be done through your employer and reported on your W-2.