I had a post in regards to this situation where the w2 was wrong. Now, the w2 is corrected and I just need to make sure I am doing this right. Facts:
100 percent shareholder for the s corp
w2:
box 1 67,000
box 3 90,000
box 5 90,000
s corp matching contribution: 22,000
share holder contribution: 23,000(reflected in w2)
so, I am going to take a deduction for wages and salaries in the amount of 90,000 for the s corp on 1120 s (line 8 I believe).
also, a deduction for 22,000 matching contribution for the s corp on line 17 of 1120s(penstion, profit sharing.....).
and, no entires on his k-1,
and also no deduction on his 1040 line 28(simple, sep, and qualified retirement accounts).
Also, since he is the 100 percent share holder, would the wages paid to him go on line 7(compensation of officers) or line 8(salaries and wages?
do I finally have this correct?
100 percent shareholder for the s corp
w2:
box 1 67,000
box 3 90,000
box 5 90,000
s corp matching contribution: 22,000
share holder contribution: 23,000(reflected in w2)
so, I am going to take a deduction for wages and salaries in the amount of 90,000 for the s corp on 1120 s (line 8 I believe).
also, a deduction for 22,000 matching contribution for the s corp on line 17 of 1120s(penstion, profit sharing.....).
and, no entires on his k-1,
and also no deduction on his 1040 line 28(simple, sep, and qualified retirement accounts).
Also, since he is the 100 percent share holder, would the wages paid to him go on line 7(compensation of officers) or line 8(salaries and wages?
do I finally have this correct?
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