If you started a solo 401k how did you determine the amount without first calculating business income?
Not a tax advisor and this isn't advice, but understand sole proprietor would file schedule C and include business income and business expenses considering business use of home, travel, 1/2 self employment tax, etc.
FWIW pretax solo 401k contribution may impact QBID and depending on total taxable income some choose to take that as Roth / after-tax to maximize the QBID. However, some benefit from reducing business expenses to qualify for the QBID.
Some info here: viewtopic.php?p=8126591#p8126591
Tax prep software can model this.
Not a tax advisor and this isn't advice, but understand sole proprietor would file schedule C and include business income and business expenses considering business use of home, travel, 1/2 self employment tax, etc.
FWIW pretax solo 401k contribution may impact QBID and depending on total taxable income some choose to take that as Roth / after-tax to maximize the QBID. However, some benefit from reducing business expenses to qualify for the QBID.
Some info here: viewtopic.php?p=8126591#p8126591
Tax prep software can model this.
Statistics: Posted by bogling — Sun Mar 09, 2025 4:03 am