Where to Report S-Corp SEP?

[User538]

I'm the sole member of an LLC filing as S-Corp. I made an SEP-IRA retirement contribution through the S-Corp.

Should I list it somewhere on the 1120S, or as an SEP plan on the 1040, or both?

[Mike9241 · Accepted solution]

SEP contributions are employer contributions only. The contribution to your SEP IRA must be made by the S corp and is deductible on the S corp's tax return, not your individual tax return. The maximum your S corp can contribute to your SEP IRA is 25% of your W-2 compensation.