Can I place funds into a profit sharing plan after year end?

Full Question:

Our LLC, S corp, has a profit sharing plan which places money in each employees individually directed retirement account. My question is, is it legal to place funds into a retirement account after the fiscal year or even the calendar year has passed ( i.e. contributing to 2016, or even earlier)?
03/08/2017   |   Category: Employment   |   State: Illinois   |   #33603

Answer:

Yes, as long as the contribution is mage before April 1 of the next year or in accordance with the plan provisions contributions can be made to a profit sharing plan after year ends for the previous year.  However, this does not allow you to contribute more than allowed in one year.