Tax Law (Questions About Taxes)/401k

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Question
Hi William,
I was employed for 32 years with my former employer before I was terminated in February.  I have a 401k still managed by them.

After a couple of months being unemployed, I have a new job but they don't offer a 401k.  

My question is, can I contribute a lump sum to my 401k in December from my savings account and still have the income tax benefit that I had when my former employer was making deductions from my weekly paycheck?
Thanks,
Lou

Answer
no

you cant do a super stuff 401k if they dont offer.

you can do a roth or regular ira.

just for jollies. do you have employer (ex) stock in the 401k?  with increased value over basis? if so, I just earned my 6pack of beer :)

send new question and mark it private if you do have company stock in the 401k



and, can i talk to your employer about offering them a 401k?  it is easy to set up and costs them NOTHING (they save the matching tax on the reduced wages).

same point - private question NEW ONE not reply to this. i will give you my contact information.

p

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Tax and general business including hospitality related (hotel mgmt degree and experience in industry prior to obtaining ms tax and cpa).

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19 years cpa. ms tax. NOTE: My discussions are only a general information and do not constitute tax advise without entering into a specific agreement and executing an engagement letter; This free chat is nothing more than general information and should not be construed as tax advice nor does my response or replies imply an agreement to provide client specific advice or other guidance for purposes of avoiding IRS tax or penalties and should not be relied upon without your own validation and confirmation of the how the discussion may fit your facts... Not having all the facts and/or not having a direct client relationship prevents me from providing the most accurate replies as possible and I highly suggest using a local CPA to provide you with written advice and guidance. Taking matters into your own hands is much akin to trying to land an airplane without a license. It is easy to FLY a plane, but LANDING is when critical experience is key. In short, caveat emptor; do your homework and don't just rely on free chat board advice anywhere, anytime.

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