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. Me as an employee contributed $19,500 to a 401k. Me as S-Corp owner/employer contributed $16,250(25% of $65,000) to SEP IRA.
Question 1 ) what line item in W2 do I show the employee 401k and employer SEP IRA contribution?
Question 2) 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)
