Author Topic: Solo 401k Screwup  (Read 288 times)

oldtoyota

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Solo 401k Screwup
« on: January 05, 2019, 05:14:45 PM »
I run my own business and didn't put money into my solo 401k before Dec 31st.

Is there any legal way for me to add money to my 401k for tax year 2018?


Much Fishing to Do

  • Bristles
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Re: Solo 401k Screwup
« Reply #1 on: January 05, 2019, 08:05:58 PM »
The employer side contribution can be made up until tax day.  I think the employee side is more complicated, depends on your business type, etc. butI think in general you have time on that one as well. You do need to have already had your 401k established by dec 31st but sounds like you have one.

bacchi

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Re: Solo 401k Screwup
« Reply #2 on: January 06, 2019, 09:48:11 AM »
Are you a sole proprietor? For the employEE side, you have to formally elect by 12/31 (it's not filed except in your own filing cabinet) but can wait until 4/15 to actually contribute. You did make that formal election, right?

oldtoyota

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Re: Solo 401k Screwup
« Reply #3 on: January 06, 2019, 08:48:19 PM »
Are you a sole proprietor? For the employEE side, you have to formally elect by 12/31 (it's not filed except in your own filing cabinet) but can wait until 4/15 to actually contribute. You did make that formal election, right?

What a relief! Thank you.