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Solo 401 k and SEP for same company - single member LLC

I have an S Corporation with gross payroll of 50K for me as, an only shareholder and employee I have deducted 18,500 salary deferral for 401(k) solo. The employee contribution to 401k would be 12,500 at 25%. My question is, in additions to this can I contribute $12,500 (25% of wages  to SEP in the same year and deduct on my 1120S?

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QuickBooks Team

Re: Solo 401 k and SEP for same company - single member LLC

It's nice to see you here today, @nipa20,


I want to make sure you get the answers you're looking for with filing your tax liabilities.


Getting information on what taxes you need to report requires the help of the IRS Support. They are the ones who can provide legal tax advice to make sure you submit the 1120S Form U.S. Income Tax Return for an S Corporation with the correct data on it.


While this report is unavailable in Quickbooks Desktop, you can file them separately using TurboTax or by going to the website.


If you need further instructions or help, please let me know by clicking the Reply button below. Have a great day!