I am self employed and make a contribution to my solo 401K each year. I have used a CPA in prior years and my understanding has always been that whatever I contribute to my solo 401K reduced my total net profit. (i.e. salary of $20K, contribute $12K to solo 401K, net profit would be $8k of taxable income).
Currently when I look at the Schedule C form, it is showing the net profit of $20K, with nothing showing on Part II, line 14b. In the past the amount contributed to my solo 401K would show up here. Am I missing something in Turbo Tax or can I just override and enter the amount contributed to line 14b?
Thanks very much for any advice / suggestions.
