Schedule C Self Employed Taxpayer with no employees. If SOlo 402k contributions were made where are they deducted. Would both the employer portion and employee portion both be deducted on front page of 2040.
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Both to Line 28 on 1040
Yes they would go on the same line on the 1040. My software (Proseries) has a worksheet that asks for the individual 401k contributions and for the employer matching contributions. They both go on Line 28 Form 1040. (This line is for SEP, Simple, Keogh, and 401k.)
I also assume you meant to say 401k not 402k and 1040 not 2040. Hopefully it was just your finger error and not your keyboard...... Yikes to a keyboard in tax season that comes out a 2 when you type a 1. LOL"And So It Begins!!!" -
the only amount that goes on line 28 is the employers deductible portion, which is the calculation your worksheet does. The 15.5k is not deductible or reported on line 28.Comment
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oops, nevermind i was thinking roth 401k.Comment
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