1120S & 401(k)

[JCH]

I'm somewhat inexperienced on s-corps and need some help. I have a consultant who is the only shareholder in her s-corp. She has a $50,000 in wages she pays herself on a W-2. Box 1 wages on the W-2 are $35,000, with $50,000 in box 3. $15,000 is reported as a 401(k) contribution on the W-2.

Do I report $50,000 as compensation to officers on Line 7 of the 1120s and nothing else?
Is the Pension, profit sharing on Line 17 of 1120s only for matching contribution? Thanks.

[veritas]

The officer's compensation deduction is 50k. The matching portion goes under pension expense.

[dsi]

Veritas,
Wouldn't the amount in box 1 be the officer wages with the $15,000 reported as pension benefits?

[veritas]

The officer's compensation

is $50,000 of which the employee chose to defer $15,000 into a pension plan.

[JCH]

Yes. $50,000 in wages, and $15,000 deferred to a solo 401(k) plan. Thanks for your response.