- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
If I annualize my self-employment income, but contribute to 401k at the end of the year, can I deduct my contributions from my annualized AGI?
Hi,
I had self-employment income in the first quarter of tax year 2023. I did not make any estimated tax payments. In early 2024, I am contributing this income as elective deferral to individual 401k account. When I annualize my income, can I report the self-employment income from the first quarter of 2023 as 0 given that the entire amount is being contributed to the pretax 401k account?
‎February 3, 2024
7:53 PM