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How are SEP contributions reported for a S Corporation? What is shown on the 1120S form? What is shown on the S Corporation owner's W-2?
The S Corporation has made the contribution to the owner's SEP IRA.


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How are SEP contributions reported for a S Corporation? What is shown on the 1120S form? What is shown on the S Corporation owner's W-2?
The S corp gets the deduction by including the SEP contribution on Form 1120S line 17, Pension, profit-sharing, etc., plans. It's not reportable anywhere on the owner's W-2.
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How are SEP contributions reported for a S Corporation? What is shown on the 1120S form? What is shown on the S Corporation owner's W-2?
For a CASH basis S-Corp, are SEP contributions deducted from the 1120S Tax Return in the year the contribution is made, or in the year the contribution is for?
For Example, an employee's W2 shows $20,000 wages for 2019. The SEP contribution of $5,000 or 25% is not made until Feb 2020 after the year ended. Is the $5,000 deducted on the 2019 Tax Return or on the 2020 tax return?
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How are SEP contributions reported for a S Corporation? What is shown on the 1120S form? What is shown on the S Corporation owner's W-2?
dmertz,
Does the K1 show the SEP contribution? Thanks.
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How are SEP contributions reported for a S Corporation? What is shown on the 1120S form? What is shown on the S Corporation owner's W-2?
As a shareholder in an S corporation, you are not self employed. Social Security and Medicare taxes are withheld from your pay reported on your W-2. Your SEP-IRA contribution is also not reportable on your personal tax return because your SEP IRA contribution is made by the S corporation based on your W-2-reported income and deducted as an expense on the S corporation's income tax return.
There is no reason for these to appear on your Schedule K-1 (Form 1120S). Your Social Security and Medicare withholding are reported on your W-2. Your SEP-IRA contribution might also be shown on your W-2, but only for your information, not for reporting anywhere on your personal tax return.
The IRA custodian should mail a form 5498 showing the contribution ... these usually show up in May of the following year.
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How are SEP contributions reported for a S Corporation? What is shown on the 1120S form? What is shown on the S Corporation owner's W-2?
This is also my question :
For a CASH basis S-Corp, are SEP contributions deducted from the 1120S Tax Return in the year the contribution is made, or in the year the contribution is for?
For Example, an employee's W2 shows $20,000 wages for 2019. The SEP contribution of $5,000 or 25% is not made until Feb 2020 after the year ended. Is the $5,000 deducted on the 2019 Tax Return or on the 2020 tax return?
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How are SEP contributions reported for a S Corporation? What is shown on the 1120S form? What is shown on the S Corporation owner's W-2?
For a cash basis corporation deductions are always taken in the year that the cash is actually spent. So in your example the SEP contribution is deducted in 2020.
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