Employee contributions to 401(k) plans are done on an annual basis. There is no period after the end of the year to complete contributions. So unlike IRA contributions that can be made up to the filing deadline of the return, or SEP contributions by a self-employed individual up to the extended due date of the return, salary reduction contributions to a 401(k) plan must be completed by the end of the year to which they relate.
An individual who, because of his or her real estate activity, qualifies to deduct rental losses from nonpassive income.