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on what line item of 1120s do i show employee 401k and employer SEP IRA contribution
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)
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‎December 29, 2020
10:24 AM