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5 Big Self-Employment Tax Deductions in 2020 – Long-term care insurance premiums also count, though there are specific.
What you can deduct: Contributions to a solo or one-participant 401(k) plan of up to $56,000 in 2019 ($62,000 if.
Handling excess earnings. Any income earned from the excess contribution will count on your tax bill for 2020 (which is due in April 2021). You’ll receive a Form 1099-R at the end of the tax.
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Contribution Limits Differ for IRAs and 401(k)s—But You Can Fund Both.
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A 401(k) match does not count against the employee’s 401(k) contribution limit for tax deduction purposes, but it is subject to a different IRS annual limit. Consider the 401(k) employer match.