Solo 401k Deduction

I am a sole proprietor and considering adding to my Solo 401k this year. Am I able to deduct my contribution on my schedule C to avoid Federal, FICA, and state tax?

posted

You can contribute as both employer and employee, offering tax-deductible contributions as the employer and pretax elective deferral contributions as the employee, along with tax-deferred growth potential on contributions.

Solo 401(k) contributions are subject to FICA and FUTA tax.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"