How do I enter a SEP Contribution for the sole shareholder of a S Corporation? Shareholder has received a W2 and has a SEP

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Level 15

I enter it on Screen 15, under pension, profit-sharing plans (code 29 if you speak batch entry).

IF you are doing the W-2, make sure the retirement plan box is checked.

HumanKind... Be Both

Level 15

Is the expectation to calculate the SEP based upon the W-2? Is the expectation to calculate the SEP based upon the K-1 figures, or distribution?

Answers are easy. Questions are hard!

Level 15

I do think we need a bit more info from @gclark .

Perhaps s/he is actually asking how to enter info in the individual module rather than the S-Corp module.

HumanKind... Be Both

Level 15

@gclark Could you add a bit more information. Are you trying to create a SEP deduction on the 1040 for the shareholder? Do they any other SE income?

Answers are easy. Questions are hard!

Level 2

Trying to enter SEP contribution on individual module. Want to maximize contribution

Level 13

That is not allowed. The SEP based on his wages is only allowed on the 1120S return.

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