Enter simplified employee pension (SEP) contributions
Per Form 1120-S Instructions, line 17: Enter the deductible contributions not claimed elsewhere on the return made by the Corporation for its employees under a qualified pension, profit-sharing, annuity, or simplified employee pension (SEP) or SIMPLE plan, or any other deferred compensation plan.
Do the following to enter employee pension contributions:
- Select theIncome & Deductionsfolder.
- Select theInctab, then go to the Deductions section.
- Enter the contribution amount in thePension and profit-sharing contribution paidfield. This amount will transfer to Line 17.
- Follow these steps if you want to report the shareholder's share of the SEP contribution on Schedule K-1:
- SelectView,Shareholder Information, then theOther Infotab.
- Enter the data in the Supplemental information statement window. This data is reported in the Schedule K-1 statement for Box 17, Code V.
