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L
levetan
September 28, 2022
Question

Solo 401k Deduction

  • September 28, 2022
  • 1 reply
  • 0 views

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?

    1 reply

    A
    AmitaR
    September 28, 2022

    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.

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