I received a 1099-NEC for consulting work. I assume that I need to report that income in full or the IRS will not be able to match the 1099 to my tax return. But I contributed (as the employee) $30K to a SEP 401K (I am over 50 yrs old). Yet, I cannot find where to enter that deduction. And yes, my earnings were over $30K.
I did find a section in deductions for it, but based on the limits it is giving me, I'm quite sure that if is only for any employer deduction that I may make.
Despite lots of research, I cannot figure out where to enter the $30K employee deduction to reduce the tax liability for my self employment income.
