Where do contributions for either the deductible portion or the 401k Roth portion get reported? Is there a place on the schedule C or somewhere else?
2007-10-12 02:37:22 · 3 answers · asked by TheProfessor 2 in Business & Finance ➔ Taxes ➔ United States
Your deductible contributions go on the 1040 Line 28, not on Schedule C.
Details are in IRS Pub 560
http://www.irs.gov/pub/irs-pdf/p560.pdf
You may also be required to file Form 5500 or form 5500-EZ as a separate information return when your accumulation gets over $250,000.
2007-10-12 07:33:27 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋
you can set up a SEP-IRA - since you're a sole proprietor - probably just on your 1040
2007-10-12 03:23:08 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You'll do better with a SEP-IRA.
2007-10-12 03:51:21 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋