on what line item of 1120s do i show employee 401k and employer SEP IRA contribution

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I have an S-Corp where i am the only owner and employee. Say as W-2 employee i I earned a taxable wages of $65,000. As an employee i contributed $19,500 to a 401k. As an S-Corp owner/employer I contributed $16,250(25% of $65,000) to SEP IRA.

Question

what line item in 1120S do i show employee 401k and employer SEP IRA contribution? Also on line item 7 i.e compensation of officer do i show a wage of $65,000 or $84500 ($65000 + $19500 since the 401k is employee contribution)

TurboTax Business Windows

M-MTax

Level 15

$84500 is what you paid yourself so show that and that employee contribution doesn't show on the 1120S....only the employer contribution if a qualified plan.

Vivek13Author

Level 2

Great Thanks. I think i get it.

So in 1120S Line no 7 i.e Compensation of Officers i will be entering $84500 ($65000 + $19500). I was getting confused because in W2 my taxable income is $65,000.

Then looks like the employer SEP IRA contribution i.e $16250 will go under line no 17 i.e Pension, profit-sharing, etc., plans .

Can you please confirm my observations?

Thanks a lot for your help, also if you are a accounting specialist from turbox tax and can validate my return for the extra $60 i would love buy in.