cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Level 1

We have a 401k account. Can we make a deposit in that account, like and IRA, to reduce what we owe this year.

 
1 Best answer

Accepted Solutions
Level 20

We have a 401k account. Can we make a deposit in that account, like and IRA, to reduce what we owe this year.

On an Employer sponsored 401k account, no you cannot contribute to the account in 2017 and apply those contributions to the 2016 tax return.

1 Reply
Level 20

We have a 401k account. Can we make a deposit in that account, like and IRA, to reduce what we owe this year.

On an Employer sponsored 401k account, no you cannot contribute to the account in 2017 and apply those contributions to the 2016 tax return.