Hello - I am looking to set up a defined benefit plan for myself. I am a self employed individual and my business is registered as a Sole-Proprietorship.
I used the following defined benefit plan calculator for calculating how much I can contribute to the plan in the first year.
www.pensiondeductions.com
My question is, since I file my taxes as a Schedule C, where do I deduct the contribution to the defined benefit plan. Is it deducted on the Schedule C or on the 1040?
Thank you!
I used the following defined benefit plan calculator for calculating how much I can contribute to the plan in the first year.
Defined Benefit Plan - Understand more, explore, and set one up easily
A Defined benefit plan permits large benefits to an individual or group and can provide significant tax deductions. Explore our comprehensive guide
My question is, since I file my taxes as a Schedule C, where do I deduct the contribution to the defined benefit plan. Is it deducted on the Schedule C or on the 1040?
Thank you!