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.
