Is it still possible to make 2023 401k contributions in 2024 to lower my tax burden?

Unfortunately, 401k contributions must be made through payroll deductions during the calendar year. Unlike IRAs where you can contribute until the tax filing deadline (typically April 15th), 401k contributions for 2023 had to be completed by December 31, 2023. However, you still have options to reduce your 2023 tax burden! You can contribute to a traditional IRA until the tax filing deadline (April 15, 2024 for the 2023 tax year) and potentially get a deduction, depending on your income level and whether you're covered by a workplace retirement plan. The contribution limit for 2023 is $6,500 ($7,500 if you're 50 or older). Another option is contributing to an HSA if you have a high-deductible health plan. HSA contributions for 2023 can also be made until April 15, 2024, with limits of $3,850 for individual coverage or $7,750 for family coverage.

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I was skeptical about taxr.ai but decided to try it after seeing it mentioned here. Just wanted to update that it actually helped me identify I was still eligible for the Saver's Credit even though I couldn't deduct my IRA contribution! I was in a similar situation where I missed maximizing my 401k last year. The tool showed me that even though I couldn't deduct my traditional IRA contribution due to income limits, I could still make a non-deductible contribution and then immediately convert it to a Roth IRA (backdoor Roth) to get tax-free growth. It also calculated exactly how much I could contribute to my HSA for 2023 based on how many months I had HDHP coverage. Definitely worth checking out if you're looking for last-minute tax saving strategies. Saved me over $1,200 in taxes!

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One thing nobody's mentioned yet is that you might be able to contribute to a SEP IRA for 2023 if you have any self-employment income. The deadline for establishing and contributing to a SEP IRA is your tax filing deadline (including extensions), so potentially as late as October 15, 2024 for the 2023 tax year. The contribution limit is pretty generous too - up to 25% of your net self-employment income, with a maximum of $66,000 for 2023. Even a small side gig could let you shelter some income.

Just one more option to consider - if you made any student loan payments in 2023, you might be able to claim the student loan interest deduction of up to $2,500. It's an "above the line" deduction so you don't need to itemize to claim it. Also, review your 2023 expenses for things like work-related educational expenses, moving expenses for active military, or health insurance premiums if you're self-employed. These are also above-the-line deductions that might help reduce your taxable income.