401k contribution deadline for 2011

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Tbponmik
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Joined: Wed Mar 28, 2012 4:39 pm

401k contribution deadline for 2011

Post by Tbponmik »

A quick question - Is the deadline for 2011 401k contributions Dec 31, 2011 or today, April 17?
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bottlecap
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Location: Tennessee

Re: 401k contribution deadline for 2011

Post by bottlecap »

It may depend on your plan, but I'm pretty sure that almost all plans use December 31.

JT
b4nash
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Re: 401k contribution deadline for 2011

Post by b4nash »

Yep, December 31st.
Nutaboutgolf
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Re: 401k contribution deadline for 2011

Post by Nutaboutgolf »

Depending on income and filing status, if you qualify for a deductible traditional ira (TIRA) todays the deadline the contribute a max of $5000 for under 60 or $6000 if over 60...
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Majormajor78
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Re: 401k contribution deadline for 2011

Post by Majormajor78 »

Nutaboutgolf wrote:Depending on income and filing status, if you qualify for a deductible traditional ira (TIRA) todays the deadline the contribute a max of $5000 for under 60 or $6000 if over 60...
The catch-up contributions start when you're 50 or older not 60.
"Oh, M. le Comte, it is only a loss of money which I have sustained... nothing worth mentioning, I assure you."
Topic Author
Tbponmik
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Joined: Wed Mar 28, 2012 4:39 pm

Re: 401k contribution deadline for 2011

Post by Tbponmik »

Thanks much! Seems I missed out on a few bucks.
DSInvestor
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Re: 401k contribution deadline for 2011

Post by DSInvestor »

You may have missed the deadline for 401k contributions for 2011 but you can still make IRA contributions for 2011. The deadline for 2011 IRA contributions is April 17, 2012.

If you weren't covered by an employer plan for 2011, you can contribute 5K to Traditional IRA and take the tax deduction. Look on your W-2 and see if the retirement plan box is checked. If not checked, you weren't covered by an employer plan.

If you were covered by an employer plan and your income is such that you can't take the tax deduction for Traditional IRA contributions, see if you're eligible for Roth IRA contributions.
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