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    ajrohde's Avatar
    ajrohde Posts: 1, Reputation: 1
    New Member
     
    #1

    Mar 2, 2007, 04:19 PM
    401k Contributions
    If I did not max out my 2006 401K contributions, is there a provision with the IRS to add money to the 401K for last year prior to filing my taxes?
    sherick11's Avatar
    sherick11 Posts: 8, Reputation: 2
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    #2

    Mar 3, 2007, 01:02 PM
    Quote Originally Posted by ajrohde
    If I did not max out my 2006 401K contributions, is there a provision with the IRS to add money to the 401K for last year prior to filing my taxes?
    HI. In my experience (I handle our 401k plan at work), there is no way to go back and add to your plan after the end of the year. I believe the only way to increase your retirement contribution for last year is through an IRA contribution. You have until April 17 of this year to contribute towards last year. (However, the portion that is tax deductible will depend on many factors.) Maybe you should ask your employer if their plan allows for any additional contributiosn towards last year... but I wouldn't get my hopes up. (Hope this helped.)
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #3

    Mar 5, 2007, 10:49 AM
    Once 31 Dec 2006 came and went, you cannot contribute retroactive to the 401K.

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