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Question

How are SEP contributions reported for a S Corporation? What is shown on the 1120S form? What is shown on the S Corporation owner's W-2?

Forum|Forum|6 years ago
June 6, 2019
1 reply
0 views

The S Corporation has made the contribution to the owner's SEP IRA.

Employee

The S corp gets the deduction by including the SEP contribution on Form 1120S line 17, Pension, profit-sharing, etc., plans. It's not reportable anywhere on the owner's W-2.

Employee

For a CASH basis S-Corp, are SEP contributions deducted from the 1120S Tax Return in the year the contribution is made, or in the year the contribution is for?

For Example, an employee's W2 shows $20,000 wages for 2019. The SEP contribution of $5,000 or 25% is not made until Feb 2020 after the year ended. Is the $5,000 deducted on the 2019 Tax Return or on the 2020 tax return?