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Scorp and Sep-IRA

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    #1

    Scorp and Sep-IRA

    Taxpayer is 100% shareholder of the S-corp.

    The S-corp makes contribution for his SEP-IRA based on his W-2 income from the S-corp (25% of his comprensation).

    Since he is a more than 2% owner of the S-corp, should the SEP-IRA contribution by the S-corp be added to his W-2 income?

    If not, should the contribution still be reported somewhere in the W-2 for information purpose (i think that's what I heard before).
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    #2
    The only thing that needs to be done to the W-2 is check the "Retirement" box.
    No dollar amounts need to be added to the W-2.
    "The only function of economic forecasting is to make astrology look respectful" - John Kenneth Galbraith

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