Retirement tax questions

No you can't do that that way.  You still need to file Schedule C for your self employment income and pay the self employment tax on it now.  

 

The 401K contribution is completely separate from it.   You can contribute to a 401K up to the amount of your Net Profit reduced by 1/2 of the SE tax OR to the max contribution allowed for a 401k whichever is Less.

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