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Solo 401k contribution
I am a sole proprietor and having trouble with solo 401k contributions. My wife and I each contributed $19,000 (she receives a 1099 from my business). When I enter these 401k contributions into the "self employed retirement" page there is no change in my federal taxes owed. This $38,000 total is also not reflected when looking at our net income under Business Income and Expenses (Sch C). Am I doing something wrong or is there a glitch?
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‎February 4, 2020
12:14 PM