Question about maxing 401k in a short period of time
I did try to ask the IRS but the phone tree led me to a dead end ("This topic is no longer served...").
I'm about to start as a W2 employee at a small business, meaning I'll have access to a 401K for a month in December, after the contractual 6-month waiting period. Not sure if relevant, but: I'm transitioning to W2 after a little over 1 year as 1099 for the same company. My December earnings, even if 100% directed to a 401k, won't come anywhere near the annual max.
It's a small business with leeway around payroll. For example, my paycheck is just a handwritten check and I can request changes such as getting it monthly vs. biweekly by just asking my boss directly.
So my question is: is it allowable for my employer to defer and "hold" a large portion of my income at my request until December, at which point I would direct all of it (after FICA) to my brand new 401k? My goal is to max out my 401k by deferring close to $24.5k of wages until I have a 401k to put them into. I'm not interested in doing anything illegal or fraudulent. It just seems like a gray area due to the small scale of the business and option to modify my compensation structure.
I get insurance elsewhere, so insurance premiums are not relevant. We have sufficient income that I can go unpaid for several months. I do understand that even if the above is available, there is an improbable but nonzero risk that my employer will suddenly go out of business and I lose my deferred income forever.
Thank you to anyone who has input!