Finally got around to doing my taxes. We owe a bit. 1poorlady asked me (and I didn’t know) if it’s too late to contribute to our 401Ks to be reflected in 2021 taxes. I believe you can contribute to an IRA, but a 401K? Does that have to be via salary withhold (I assume so, since it is pre-tax)?
1poorguy
It is too late now for 401k contribution for 2021 - at least for us regular employees.
If you’re self-employed, and had a self-employed 401k, it looks like maybe you could elect to contribute by Dec. 31, and then make the actual contribution by tax filing deadline. I’m gonna say ask your accountant if you’re self-employed and have a self-employed 401k. 
But IRA and Roth IRA (and backdoor Roth IRA) are still possibilities for 2021.
Thanks. We already did the backdoor Roth.
Can we do a “catch-up” contribution to the 401K for this year? Since we’re going to separate from the company next month, there’s little chance of hitting the limit. Or does it have to be via payroll only?
1poorguy
Doing the catchup now, probably not, but check with HR.
You might be able to raise your contribution percent for the last few paychecks. Depends on the percentage limits set by HR and 401K admin.
You may have a limited contribution personally, so check with HR. Some companies allow up to 80% of pay to go to 401K. up to the limits on You and other deductions.
I can’t speak to your situation but ask.
But IRA and Roth IRA (and backdoor Roth IRA) are still possibilities for 2021.
The contribution to the IRA could be for 2021 but the conversion for a “backdoor” ROTH would be a 2022 transaction. It does matter as to when the income for a pre-tax IRA conversion is taxable.
Can we do a “catch-up” contribution to the 401K for this year? Since we’re going to separate from the company next month, there’s little chance of hitting the limit. Or does it have to be via payroll only?
Employee deferrals must come from payroll, unless you are contributing to a solo 401(k). You can currently make full deferrals of up to $20,500, plus a catch-up contribution of up to $6,500, for a total of $27,000 for 2022 - if you can contribute that much before your planned departure. 2021 deferrals (regular of up to $19,500 and catch up of up to $6,500) needed to come from payroll checks that were for work that occurred on or before Dec 31, 2021, so they could be documented in your 2021 W-2.
Since they are not taxable to the employee, nor are they documented on the W-2, company contributions for 2021 can occur at a later date - generally until the company’s tax filing deadline.
AJ