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

 
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Level 15

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.

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Level 15

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.

View solution in original post