I need to reduce my income a little bit, and I didn't max out my 401k is there anyway to funnel money into to it now?
No because those deferred contributions come out of your paycheck. I'm assuming you're not self employed. Are you married? Depending on your income level or the fact your wife's co doesn't have a profit sharing plan, you might be able to contribute 5,500 to a deductible traditional IRA account. Let me know if you need more information
What redefined said. Take the IRA route but be aware that could prevent you from taking advantage of the Roth loophole if you are above the income requirements for Roth.
No I am single. Even if I contribute to IRA I can't cut enough of my income. Need to lose between 5-10k. In case any one wants some free advice max out your 401K.
A Roth isn't going to help him in this situation to reduce taxes, even though a Roth should be used before a 401k, unless there is employer contribution. Why save 3-5 points today on 5-10k when you can save 15+ points on the full retirement.
Correct, A ROTH IRA wouldn't. AN IRA could. However, if you open up an IRA you may be closing yourself off to the below loophole. http://www.dailyfinance.com/2012/04...-roth-ira-a-loophole-for-high-income-earners/
