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February 28, 2021
Question

I want to lower how much i have to pay in Federal and state taxes for my 2020 taxes. Can i put additional funds into my 401K plan for 2020 in this year 2021? How to do?

  • February 28, 2021
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1 reply

macuser_22
Employee
February 28, 2021

No.  And 401(k) contributions can only come from your wages and reported in box 12 on the W-2 form for the year contributed.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**