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Is the settlement being paid out on a W-2 or a 1099? Was the original income supposed to be reported on a W-2 or 1099?
And if it was and should be on a 1099 then you must still pay the SE taxes on it even if you can take the solo 401K contribution on the form 1040 line 28.
To enter the solo 401K contributions ...
Is the settlement being paid out on a W-2 or a 1099? Was the original income supposed to be reported on a W-2 or 1099?
And if it was and should be on a 1099 then you must still pay the SE taxes on it even if you can take the solo 401K contribution on the form 1040 line 28.
To enter the solo 401K contributions ...
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