Hi everyone,
I know the title of my post seems like a dumb question, but let me explain. I have a regular W2 job plus two side self-employed jobs, both of which I receive 1099s for. SE job 1 nets me a small profit each year, whereas SE job 2 usually results in a loss that is more than large enough to cancel out the profit from the first job. I combine these numbers on line 12 of my 1040, so I end up showing a loss overall even though there was a profit from job 1.
So, I'm wondering if there is a way that I can still contribute to a solo 401K with the proceeds of job 1, and if so, how would I go about notating that on my taxes? I have the solo 401K plan set up already so that is not an issue. Please let me know, and thanks in advance!
I know the title of my post seems like a dumb question, but let me explain. I have a regular W2 job plus two side self-employed jobs, both of which I receive 1099s for. SE job 1 nets me a small profit each year, whereas SE job 2 usually results in a loss that is more than large enough to cancel out the profit from the first job. I combine these numbers on line 12 of my 1040, so I end up showing a loss overall even though there was a profit from job 1.
So, I'm wondering if there is a way that I can still contribute to a solo 401K with the proceeds of job 1, and if so, how would I go about notating that on my taxes? I have the solo 401K plan set up already so that is not an issue. Please let me know, and thanks in advance!