Single Member LLC as S Corp - Retirement Plan

[degmobedada]

Hello all,

I have a single member LLC and I have elected it to be taxed as an S Corp.  Let's say the LLC earned $50k for 2020 and I have paid myself a salary of $23k.  I also have a tax deferred pension plan (KEOGH plan) that's under my name that I used to fund when I was doing independent contract work on 1099.

When using the TurboTax business, there is a question about "Retirement Plan Contributions".   Is this referring to a contribution that I as single employee of the LLC plan on making to the KEOGH retirement plan?  Can I make a $20k contribution to the KEOGH plan and indicate that on this form?  Any insight would be greatly appreciated.

[MaryK4]

In TurboTax Business, the Retirement Plan Contributions ae the S Corp/employer contributions to the employee's retirement plans (for example, the employer matching in s SIMPLE IRA or the entire amount for a SEP).  Your contributions are limited to your compensation and should be excluded from your pay on your W2.