Question
Catch- up contribution to 401k for a W2 client
Hello,
I have a W2 client who is over 50 years old, he didn't do the catch-up contribution to his retirement with his employer payroll.
Now he wants to open a retirement account by himself and put his catch-up contribution.
My question is :
1) Is he allowed to do that?
2) is his catch-up contribution tax deductible in his 2024 tax return? ( if yes, where do we report this on his tax return)
Thank you
