Anonymous
Anonymous asked in Business & FinancePersonal Finance · 2 months ago

What is the last day to contribute to 401k 2020?

 I have not contributed in 2019 but starting new job in 2020, can I contribute max for 2019 if I file for tax extension?

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  • Eva
    Lv 7
    2 months ago

    No. A 401k is a salary deferral plan so the money must be deducted from your paycheck. They run on a calendar year. You can't deposit outside funds to it and the extension provision does not apply. If you are talking about a solo K for self employed people, you must show the deferral by 12/31. You then have until 4/15 to make any matching contribution.

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  • 2 months ago

    No. Contributions to a 401K must come from your pay for the year for which the contribution is being made. You can contribute to the 401K for 2020, but not for 2019. However, you can contribute to an IRA for 2019 until April 15, but only if you earned income during 2019.

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  • 2 months ago

    401K are only through your employer's payroll deduction.  Since there is no paycheck in 2019, there is nothing to deduct from.

    If you have earned income in 2019, you can contribute the max to an IRA. 

    If you don't have earned income, you are ineligible to contribute to an IRA. 

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  • 2 months ago

    i would ask your job about it

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  • Judy
    Lv 7
    2 months ago

    No, the 4/15 deadline is only for an IRA.

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