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It would be too late to fund the 401K, however you would still be able to fund an IRA under April 15, 2008. The deductibility of an IRA contribution may be limited since you were covered by a retirement plan. Also, the limit for 2007 would be $4000 ($5000 if age 50 or over), whereas your potential 401K contribution may have been substantially higher. Since your husband is self employed, you may want to consider putting extra funding into his SEP (or other vehicle) if the limits are not already reached. This would give you the tax break you are looking for, but would be under his name. please let me know if you have any questions.