#1
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self employed 401 k question
I posted this in the finance forum but I think I will get a better answer here:
I did a sep ira for 2006. For 2007 I may want to do a self employed 401k. Do you deduct this on the schedule c, or do you deduct it on the 1040? Im a curious because if you can deduct it on the schedule c, you would avoid paying the SE tax on that amount of income. |
#2
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Re: self employed 401 k question
Both plans are deducted in the same place on the 1040, so you don't get a different self-employment tax benefit for either plan.
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