can someone help me understand line 19 of schedule C?https://www.irs.gov/pub/irs-pdf/i1040sc.pdfis the contribution to solo 401k listed under this line?
Quote from: kenmoremmm on February 03, 2019, 10:29:31 PMcan someone help me understand line 19 of schedule C?https://www.irs.gov/pub/irs-pdf/i1040sc.pdfis the contribution to solo 401k listed under this line?Absolutely not.Line 19 are contributions to a plan that you made for your employees.Your own contribution (both as the employee and as the employer) to your Individual 401k for your sole proprietor business goes right on the front page of the 1040 form itself, not on Schedule C.
Yes. You might also be able to deduct a spouse's IRA contribution on line 23. Last year was $58,770 on line 19, $5,500 on line 23.