I have only self employment income. Will contributing to an individual 401(k) lower my self-employment tax? Would my contribution show on line 19 on Schedule C?
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I have only self employment income. Will contributing to an individual 401(k) lower my self-employment tax? Would my contribution show on line 19 on Schedule C?
I have only self employment income. Will contributing to an individual 401(k) lower my self-employment tax? Would my contribution show on line 19 on Schedule C?
No, a contribution to an individual 401(k) will not change your self-employment tax.
No, individual 401(k) contributions are not reported on Schedule C. They are reported on Schedule 1 line 28.
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