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Level 3
February 15, 2021
Solved

Retirement 401k

  • February 15, 2021
  • 1 reply
  • 7 views

Can I backdate into 2020  additional contributions to my employer sponsored 401K account?  I did not have them deduct the limit for the year, but don't know if they will allow me to send money to add to my 401k for 2020.  Is the decision up to the individual company?  Is there a time limit other than 4-15-21?

 

Thanks.

    Best answer by SteamTrain

    For an employer sponsored 401k....31 December is the last day possible to have a contribution made thru payroll, or any other means......

     

    So it's not exactly like an IRA, where you can contribute for the prior year in the first couple months of the next year. 

    1 reply

    SteamTrain
    Level 15
    February 15, 2021

    For an employer sponsored 401k....31 December is the last day possible to have a contribution made thru payroll, or any other means......

     

    So it's not exactly like an IRA, where you can contribute for the prior year in the first couple months of the next year. 

    ____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
    Level 3
    February 17, 2021

    Thanks...that's the answer I needed.