SEP Contribution

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  • TAX
    Senior Member
    • Dec 2005
    • 330
    #1

    SEP Contribution

    Client, single owner scorp:

    Contributed for, employee (basically himself), to SEP IRA in 2010

    Just confirming:

    (1) Scrop can deduct SEP IRA on 1120S

    (2) Does it go on W-2?

    (3) Does it become part of wages (like health Insurance Premium)
    Tags: None
    • JohnH
      Senior Member
      • Apr 2007
      • 5339
      #2
      Check the "retirement plan" box on the w-2. Nothing else needs to be done ( except taking the deduction on the 1120s of course) The contribution escapes wages and FICA/med.
      "The only function of economic forecasting is to make astrology look respectful" - John Kenneth Galbraith

        Comment

        • TAX
          Senior Member
          • Dec 2005
          • 330
          #3
          SEP Cont

          Thank you!

            Comment

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