Question for the Money Doctors

Question submitted on Mar 15, 2022.

Question

Is it possible to add more to last years 401k (2021) this year before tax returns are due like you can with IRAs?
I'm Married, but file separately
I made about $140,000 for 2021
My wife made about $100,000 for 2021
Thanks

Answer

No, salary deferrals from your paycheck to contribute to a 401(k) can only be done during the year.   You cannot top off your contribution after the year is over.

The maximum 401(k) contribution for 2021 is $19,500 and for 2022 is $20,500.

If you are over age 50, you can add another $6,500 to your 401(k) plan.

For additional information visit //www.360financialliteracy.org/