turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Self Employment tax (half) deduction disappears when 401k contribution maximized

In past years (and perhaps I did it wrong), when I check the maximize 401k deduction box (for my sole proprietorship), it gives me a figure that I am allowed to deduct from my income ALONG WITH the standard (half) of my self employment taxes. This year (before) I hit Maximize, it showed my (half) S.E. Tax Deduction on schedule 1, but that went away when I checked the maximize box. Is there a way to keep that S.E tax deduction while maximizing? The S.E. Deduction is forever, while the maximize contribution will of course be taxed when it's pulled from the plan at retirement. (I lose my health insurance deduction as well).

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies