401K Contribution for 50+ years of age

lcpati · #1 (**permalink**) 03-05-2019, 05:38 PM

Hello, I know that after I turn 50 I can contribute an additional $6000 towards my 401K.

I turned 50 in Dec of 2018. Could I have contributed the additional $6000 in 2018.

If the answer is yes, then I missed out. So now can I put that money into an IRA for 2018?

Thanks in advance for your response

Wnhough · #2 (**permalink**) 03-06-2019, 10:56 AM

I turned 50 in Dec of 2018. Could I have contributed the additional $6000 in 2018.====>> yes. Catch-up contributions are additional money you may pay into your 401k if you are age 50/ older by the end of the calendar year.

If the answer is yes, then I missed out. So now can I put that money into an IRA for 2018=====> While 401(k) contributions are generally due by the end of the calendar year, you have until April 15, 2019 to make an IRA contribution that will qualify you for a tax deduction on your 2018 return.