When I enter that I am taking the maximum self-employed 401k deduction, the amt of federal tax shown at the top of the screen does not change. Why not??
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When I enter that I am taking the maximum self-employed 401k deduction, the amt of federal tax shown at the top of the screen does not change. Why not??
posted
June 4, 20199:07 PM
last updated
June 04, 20199:07 PM
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When I enter that I am taking the maximum self-employed 401k deduction, the amt of federal tax shown at the top of the screen does not change. Why not??
This suggests that your income tax liability on Form 1040 line 11 is already zero without the deduction for the self-employed retirement contribution. Making a self-employed retirement contribution will not reduce Other taxes reported on Schedule 4.