401(k) contribution deadlines vary depending on the type of plan you have. For traditional 401(k) plans, contributions are typically made on a pre-tax basis through payroll deductions. The deadline for these contributions is the tax filing deadline for the year in which the contributions are made. For Roth 401(k) plans, contributions are made on an after-tax basis, so there is no tax deduction. The deadline for Roth 401(k) contributions is the same as the deadline for traditional 401(k) contributions. If you are unsure about the deadline for your 401(k) contributions, you should contact your plan administrator.
401(k) Contribution Deadlines for Employers
The deadline for employers to make contributions to their employees’ 401(k) plans depends on the type of plan and the employer’s fiscal year-end.
For calendar-year plans, the deadline to make contributions for the prior year is typically April 15th (or April 17th if the 15th falls on a weekend or holiday). Contributions made after this deadline may not be deducted from the employer’s current year’s income taxes.
For fiscal-year plans, the deadline to make contributions for the prior fiscal year is typically the 15th day of the 4th month after the end of the fiscal year (or the next business day if the 15th falls on a weekend or holiday). For example, if an employer’s fiscal year ends on September 30th, the deadline to make contributions for that fiscal year is typically January 15th of the following year.
Exceptions: There are some exceptions to these general rules. For example, employers who maintain a safe harbor 401(k) plan may have until March 15th (or March 17th if the 15th falls on a weekend or holiday) to make contributions for the prior year.
Consequences of Missing the Deadline: Employers who fail to make timely contributions to their employees’ 401(k) plans may be subject to penalties and interest charges. Additionally, employees may not be able to deduct their own contributions for the year if the employer’s contributions are not timely made.
401(k) Contribution Deadlines for Employees
Employees are typically responsible for making their own contributions to their 401(k) plans on a regular basis, such as through payroll deductions. The deadline for employees to make contributions for the prior year is typically April 15th (or April 17th if the 15th falls on a weekend or holiday). Contributions made after this deadline may not be deducted from the employee’s current year’s income taxes.
Employee Pre-Tax Contribution Deadlines
401(k) contributions are divided into two types: employee pre-tax contributions and employer matching contributions. Employee pre-tax contributions are subject to certain contribution deadlines, while employer matching contributions are not.
The contribution deadline for employee pre-tax contributions is generally the last day of the calendar year. However, there are some exceptions to this rule. For example, if the employer’s plan allows for after-tax contributions, the contribution deadline for such contributions may be extended to the tax filing deadline, including extensions.
- For employees who participate in a 401(k) plan, the contribution deadline is generally the last day of the calendar year.
- However, there are some exceptions to this rule.
- For example, if the employer’s plan allows for after-tax contributions, the contribution deadline for such contributions may be extended to the tax filing deadline, including extensions.
| Contribution Type | Contribution Deadline |
|---|---|
| Employee Pre-Tax Contributions | Last day of the calendar year |
| Employer Matching Contributions | Not subject to a contribution deadline |
When 401k Contributions Are Due
401k contributions are typically due by April 15th of the following year. This deadline applies to both employee and employer contributions. However, there are some exceptions to this rule. For example, if you are self-employed, you have until October 15th to make your contributions.
It’s important to note that the April 15th deadline is for contributions made in the previous year. For example, if you want to make a contribution for 2023, you have until April 15, 2024 to do so.
Employer Matching Contribution Deadlines
In addition to the employee contribution deadline, there is also a deadline for employer matching contributions. Employer matching contributions are typically due by the last day of the calendar year.
This means that if you want to receive the full employer match for 2023, you need to make your contributions by December 31, 2023.
Here is a table summarizing the 401k contribution deadlines:
| Contribution Type | Deadline |
|---|---|
| Employee Contributions | April 15th of the following year |
| Employer Matching Contributions | Last day of the calendar year |
It’s important to meet these deadlines to avoid penalties and missed opportunities for employer matching contributions.
When Are 401k Contributions Due?
401k contributions are typically made through payroll deductions. The deadline for these contributions is generally determined by the employer’s payroll schedule.
However, there are some general guidelines that employees should be aware of.
Payroll Deduction Deadlines
- Weekly: Contributions are typically due on the employee’s payday.
- Bi-weekly: Contributions are typically due on the 1st and 15th of the month.
- Semi-monthly: Contributions are typically due on the 1st and 16th of the month.
- Monthly: Contributions are typically due on the 1st of the month.
Employees should check with their employer to confirm the specific deadline for their 401k contributions.
**Note:** The deadlines listed above are general guidelines. Some employers may have different deadlines, so it’s always best to check with your employer to be sure.
The table below summarizes the information provided above.
| Payroll Frequency | Contribution Deadline |
|---|---|
| Weekly | Employee’s payday |
| Bi-weekly | 1st and 15th of the month |
| Semi-monthly | 1st and 16th of the month |
| Monthly | 1st of the month |
Alright folks, that’s all for now on when 401k contributions are due. I know it can be a bit overwhelming, but I hope this article has helped clear things up. Just remember, the deadlines are important, so make sure you’re staying on top of them. Thanks for reading, and be sure to check back later for more informative articles like this one. Cheers!