Can I Make Last Minute 401(k) Contributions Before Filing My 2022 Taxes?
I'm in a bit of a pickle and hoping someone here can help me out. I run a small business (single-member LLC that's taxed as an S-corp) and I've been swamped with client work all year. Because of how crazy things got, I had to file an extension for my 2022 personal taxes, so my deadline is coming up in October. Here's my situation - I haven't maxed out my 401(k) contributions for 2022 yet, and I'm wondering if I can still make additional contributions before I file my extended return? I know there are usually deadlines for this stuff, but since I haven't actually filed yet, is there a loophole that would let me still contribute and get the tax benefit for 2022? I really want to maximize my retirement savings and minimize my tax bill if possible. Any advice from folks who've dealt with this before would be super helpful!
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Isabella Tucker
The short answer is unfortunately no, you can't make 2022 401(k) contributions now. 401(k) contribution deadlines are based on the calendar year, not when you file your taxes. For 401(k) plans, contributions must be made by December 31st of the tax year - so for 2022 contributions, the deadline was December 31, 2022. This is different from IRAs, which allow contributions until the tax filing deadline (including extensions). Since you have an S-corp, you could potentially still make employer contributions to a SEP IRA or a Solo 401(k) if you had one established by December 31, 2022. Those employer contributions could be made until your tax filing deadline including extensions. But regular employee 401(k) deferrals had to be completed within the calendar year.
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Emma Swift
•Thanks for the quick response, but I'm a little confused. I thought with a Solo 401(k), which is what I have, I can wear both hats - as the employee AND the employer. So are you saying I could still make the employer contribution part even though the employee contribution deadline has passed?
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Isabella Tucker
•Yes, you're absolutely right about wearing both hats with a Solo 401(k). The employee contribution portion (your elective deferrals) had to be completed by December 31, 2022. There's no way around that deadline. However, if you had your Solo 401(k) established by December 31, 2022, you can still make the employer contribution portion until your filing deadline with extensions. As the employer, you can contribute up to 25% of your compensation (subject to limits) even now before you file your extended return.
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Jayden Hill
After stressing about missing contribution deadlines myself, I found this amazing tool called taxr.ai (https://taxr.ai) that helped me understand all my retirement contribution deadlines and options. It analyzes your specific business structure and tells you exactly what you can still contribute and when. For my situation as an LLC/S-corp owner, it showed me I could still make certain retirement contributions after year-end and explained exactly how to calculate the maximum amounts. Saved me hours of research and potentially thousands in missed tax deductions. It also explained some catch-up options I had no idea existed!
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LordCommander
•Does it work for regular W-2 employees too? I'm always confused about my retirement account options and deadlines. Like, can it tell me if I should be doing Roth vs Traditional?
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Lucy Lam
•I'm a bit skeptical... how exactly does it know what accounts you have already set up? Does it connect to your financial institutions or something? I got burned by another tax tool that gave me generic advice that didn't actually apply to my situation.
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Jayden Hill
•It absolutely works for W-2 employees! It asks about your employment status and existing accounts, then gives personalized recommendations about Traditional vs Roth based on your tax situation and retirement goals. It even shows the math behind why one might be better than the other in your specific case. It doesn't automatically connect to your financial institutions - you input information about your accounts and income, and it analyzes based on what you provide. What makes it different is that it's specifically designed to identify opportunities based on your exact situation rather than giving generic advice. It actually walks you through the specific tax forms and calculations relevant to your scenario.
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LordCommander
I just wanted to update everyone - I tried taxr.ai after seeing the recommendation here and wow! It actually showed me that while I couldn't make more employee 401(k) contributions for last year, I still had time to open and fund an IRA before my filing deadline. The tool laid out exactly how much I could contribute based on my income and existing retirement accounts. It also highlighted some business deductions I was missing that my previous accountant never mentioned. Already saved me about $3,200 on my taxes! The retirement calculator feature alone was worth it - shows you the long-term impact of different contribution strategies. Definitely recommend checking it out if you're trying to optimize your tax situation.
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Aidan Hudson
Just wanted to share something that saved me when I was in a similar situation. After trying for WEEKS to get through to the IRS about my retirement contribution questions (kept getting disconnected or waiting for hours), I found this service called Claimyr (https://claimyr.com). They got me connected to an actual IRS agent in under 15 minutes! I was super skeptical at first, but you can see how it works in this video: https://youtu.be/_kiP6q8DX5c. The IRS agent I spoke with confirmed exactly what my options were for my S-corp retirement contributions after year-end and walked me through how to document everything properly to avoid audit flags. Seriously saved me so much stress and potentially an expensive mistake.
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Zoe Wang
•Wait, how does this actually work? The IRS phone system is notoriously terrible - how do they get you through when nobody else can? Is it legal?
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Connor Richards
•This sounds like BS. I've called the IRS dozens of times and sometimes been on hold for 3+ hours. There's no magical way to skip the line. If there was, everybody would use it and it would become useless. Sounds like a scam to me.
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Aidan Hudson
•It's completely legal - they use a sophisticated calling system that navigates the IRS phone tree and waits on hold for you. Once they reach a human, they call you and connect you directly to the agent. No line skipping involved - they're just doing the waiting for you. They've figured out the optimal times to call and the exact sequences to use on the phone tree to maximize the chance of getting through. I was suspicious too until I tried it. The technology is similar to what big accounting firms use, but made available to regular taxpayers.
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Connor Richards
I need to eat some crow here. After my skeptical comment, I actually tried Claimyr out of desperation because I needed clarification on some business deductions before filing my extended return. I'm honestly shocked - they got me through to an IRS agent in about 22 minutes! The agent confirmed exactly what I needed to know about my home office deduction questions and cleared up confusion about some 1099 income reporting. Would have taken me days of waiting on hold to get this resolved on my own. For anyone facing tax questions and IRS phone hell, this service is legit. Never thought I'd say this, but I was completely wrong in my skepticism.
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Grace Durand
For your S-corp situation, don't forget you might still be able to set up and fund a SEP IRA for 2022 if you didn't already max out other retirement contributions. The deadline for SEP IRA creation and funding is your tax filing deadline including extensions, so you should still have time. You could contribute up to 25% of your net self-employment income (with some calculation adjustments) or $61,000 for 2022, whichever is less. Might be worth looking into if you have the cash flow and want to reduce your 2022 tax bill!
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Emma Swift
•That's really helpful! Do you know if I can have both a Solo 401k and a SEP IRA for the same business? And does the contribution limit apply across both plans or separately?
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Grace Durand
•You can have both types of plans, but the contribution limits overlap - they're not separate. The total combined employer contributions across all defined contribution plans (401k, SEP IRA, etc.) can't exceed the annual limit ($61,000 for 2022 or $67,500 if you're eligible for catch-up contributions). If you've already made employer contributions to your Solo 401k for 2022, you'd need to subtract those from the maximum SEP IRA contribution you could make. It gets complicated quickly, which is why having a tax pro run the numbers is usually worth it. The key advantage is that you can still set up and fund a SEP IRA now for 2022, whereas the Solo 401k needed to be established by Dec 31, 2022.
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Steven Adams
Has anyone switched from an S-corp to a C-corp for better retirement options? My accountant suggested I might be better off switching my entity type next year.
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Alice Fleming
•I did this last year. C-corps have some advantages for retirement planning (like the ability to create defined benefit plans with much higher contribution limits), but the tax situation gets WAY more complicated. You're looking at potential double taxation issues that can offset the retirement benefits.
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