Solo 401(k) Contribution after the fact?

Submitted by Kyle Eaton on Wed, 2018-06-20 12:36

Is it possible to make an employer solo 401(k) contribution for 2017 if you file amended returns for the S-1120 and 1040? Is the tax filing deadline (with extensions) the true decider or does filing those returns end that ability? Thanks.



Submitted by William Tuttle on Wed, 2018-06-20 17:30

  • The filing deadline including extensions determines the latest employer contributions can be made by the S-Corp. Amended returns does not change this, but will be necessay to report the increased contribution/deduction and reduced distribution.
  • If the S-Corp did not file a timely 1120S extension, there is nothing that can be done.
  • If the S-Corp filed a timely 1120S extension, the S-Corp can make an employer contribution up until 9/17/18. This is true even if the 1120S return was filed by the unextended deadline. You will also have to file an amended 1120S return to report the increased contribution/deduction and reduced distribution. Your 1040 return can/will also have to be amended to report the reduced distribution/AGI/taxable income, regardless if an extension for that return was filed

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