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Retirement tax questions
Not trying to argue, but:
From Pub 560 Part 1 (last para b4 Part 2) https://www.irs.gov/pub/irs-pdf/p560.pdf :
Sole proprietor. A sole proprietor is an individual who owns an unincorporated business
by himself or herself, including a single-member limited liability company that is treated as a dis-
regarded entity for tax purposes. For retirement plans, a sole proprietor is treated as both an
employer and an employee.
When an employer makes a matching contribution to 401(k) there are no additional FICA taxes taken from the employee. If I make a matching contribution to a Solo 401(k), it follows that that the contribution should be deducted from the SE tax calculation.
Just trying to figure out how to make that happen.
‎November 6, 2022
12:58 PM