topic Contribution to IRA or is it possible to catch up in 401k? in Deductions & credits

Contribution to IRA or is it possible to catch up in 401k?

joshua47 — Sun, 02 Feb 2020 23:33:07 GMT

Hi,

My spouse wasn't working for most of 2019 until September. Due to company's mandatory 90 days probationary period, her 401k contribution only kicked-in on the last paycheck on 2019, for a total annual contribution of only $21.60. Right now, in turbotax, due to our combined income, neither of us are eligible for IRA deduction.

Can she catch up with her 2019 401k contribution? Or is there still a possibility for her to contribute to her IRA?

What are our options to either max. up the 401k or IRA?

Best Wishes,

Joshua

Re: Contribution to IRA or is it possible to catch up in 401k?

ColeenD3 — Sun, 02 Feb 2020 23:56:32 GMT

There are no provisions to add to your 401k after the end of the year.

You can contribute to your IRA until April 15, 2020, the due date for tax returns. Keep in mind that although her 401k contribution was only a small amount, she is still considered to be covered by a pension plan for the entire year.

Re: Contribution to IRA or is it possible to catch up in 401k?

Critter — Mon, 03 Feb 2020 00:18:45 GMT

Can she catch up with her 2019 401k contribution? No 2019 contributions to a 401K can be made after the end of the year.

Or is there still a possibility for her to contribute to her IRA? Contributions to an IRA can be made up to 4/15/20 however they may not be deductible.