I work at a startup of two people. We have a SIMPLE-IRA retirement plan where we each contribute a fixed amount of money per paycheck to said account. Additionally the company matches dollar for dollar up to 3 percent. The employee contribution in 2014 was less than the allowed $12,000.

I would like to make an additional employee contribution for 2014 to help offset some taxes and contribute a little more to my retirement account. I'd like to make a lump sum contribution so that my total employee contribution for 2014 is equal to the $12,000 maximum.

That stated I already received my w2 from our payroll processor, which shows the per paycheck regular contribution I made in 2014. Can I simply make an additional 2014 employee contribution now (e.g. process an employee contribution and payback the company -- the employee contributions come directly from the company bank account) and update the boxes in my w2 accordingly (e.g. lower the total wages and increase the contributed amount to the plan while keeping everything else the same)? Or do I have to request a new w2 from my payroll processor?

What's the best way to do this? In case the best solution is implementation specific: I'm using TurboTax for tax preparation and our SIMPLE-IRA is run via Vanguard.

1 Answer 1


Shoot -- looks like the deadline for the employee contribution in 2014 was 12/31/14.


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