In 2018 I didn't contribute to my 401K to maximize it. Is it possible to make up for this balance which I didn't max out in 2018 and contribute towards it (without incurring any IRS penalty)? Is there a significant advantage in doing this now?
No. Following your logic, can I choose to contribute my 401k back in 2000 since I contributed nothing when I was a student? See how stupid I sound?
You're kind of an ass. It's a fair question as IRAs have prior year contributions (though the deadline is April 15th of the following year) and reading through a lot of posts on blind people constantly seem to mix up IRAs and 401Ks. @OP, keep asking questions.
@Alpaca be nice! Alpacas are so nice and soft. I love their wool.
401 k for 2018 is too late, however you might want to maximize for 2019 & if you have any funds leftover look into a ROTH IRA.
Thank you!
Alpacas are nice and wooly and they often ask others on a forum how stupid they sound, coz they probably do ;)
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