so I'm now learning that in order to contribute money to a solo 401k that I will need an EIN. Ok cool I can get that easily for free from the feds.I can also contact a company I contract with like Uber and have them update my tax standing to use my new EIN. Ok cool easy.So now the 1099 will show this new EIN as having income instead of me.But then I guess I would need to file a completely different set of taxes for this new federal tax id number right?And because this is my only income, that means I would have no income, so I would lose out on the standard deduction?(no I'm not asking for specific tax advise)
The Tax Strategies would be a good place to ask. Yes, if your personal income is below minimums you are not required to file a personal tax return. But check out the tax rates on the EIN entity. Personal rates may be lower.
so doing so more research I think I am the very first person out of tens of thousands of Uber/DoorDash/Grubhub drivers to want to get an EIN and then file taxes using the EIN instead of my social.From the turbo tax forums they told me that it's simple and turbo tax has a place where they ask you if you have an EIN in the Schedule C part of the process.They told me its straight forward and you don't have to file separate taxes as the EIN and you just do it all together and when turbo tax asks for your EIN you just input it.hope this helps
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