I am a Realtor with EIN who is paid as an independent contractor via 1099-NEC.
I created a solo-401K, and contribute to it with both salary ($19, 500 for 2020) and profit share (still calculating this).
My question is that it seems there are multiple places to enter this info. Which is correct?
I see Schedule C, section II, line 19 as an expense (presumably for the profit share portion??)
I also see in Schedule 1, line 15 that the total for both is entered there as an adjustment to income.
It would make sense to be able to deduct it as an expense (as the employer of myself), and then defer it as income (as the employee of myself) to my solo 401K. Is that correct? Or is that duplicating the figures?
Who can make sense of this? Any help is appreciated.
