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thompson
thompson
Level 3
November 29, 2022
Question

How do i report a self employed dr's contribution to a non-qualified deferred compensation plan? is it a deduction on schedule C?

  • November 29, 2022
  • 1 reply
  • 7 views
This is a 409A plan of a major medical center.
This topic has been closed for replies.

1 reply

sjrcpa
sjrcpa
Level 15
November 29, 2022

Nonqualified deferred comp means it is deductible when the recipient includes it in income.

I'm not really sure how it works for a self-employed person. How is he "deferring" it?

EDIT: rereading. I think he gets the "deduction" in effect, because the medical center is only paying him the net after the deferral. Therefore his reportable income is net of the deferral.

The more I know the more I don’t know.
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