dmertz
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Retirement tax questions

Presumably you have an S corp, otherwise you would be receiving no W-2 from the LLC.  The maximum SEP contribution is determined only by your compensation reported on the W-2.  The owner draws or distributions are not compensation.

 

Presumably your S corp requested a filing extension, otherwise it's too late for a SEP contribution to be made for 2023.  The S corp, not you, makes the contribution and is deductible on the S corp's tax return, not on your individual tax return.

View solution in original post