if the solo 401k is Roth contributions (salary deferral only, not profit sharing) it isn't reported on the Sched C or 1040 anywhere. Is that correct?
- posted
9 years ago
Solo 401k reported on tax return
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- posted
9 years ago
A Solo Roth 401K plan can only accept salary deferral contributions. The profit sharing contribution must be made to a pre-tax 401K. Yes, you are correct that there is no entry on the Schedule C, nor is there a deduction on page 1 of the 1040. However, the contribution is voluntary and may qualify you for the Qualified Retirement Savings Contributions credit. See Form 8880.