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

[abctax55]

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.

[George4Tacks]

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?

[abctax55]

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.

[George4Tacks]

@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?

https://www.irs.gov/retirement-plans/retirement-plan-faqs-regarding-contributions-s-corporation

[gclark]

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

[gclark]

No other self employment income - S Corp and W2  only

[abctax55]

The SEPP contribution is done at the S-Corp level, and is based on the W-2 wages.

It isn't done/taken on the F 1040 for the S-Corp W-2 wages, OR the distributions, OR the K-1 flow thru income.

(And where have you been for the last year, since you originally posted the question?)

[qbteachmt]

"(And where have you been for the last year, since you originally posted the question?)"

I've reported this, similar to what I noticed last week, in Community Suggestions. When you click the username, that listing shows everything is from 2021.

[Accountant-Man]

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

[Accountant-Man]

Does the company have other employees that are not "covered" in his fictional SEP?