Bob is the owner and only employee of an S-corporation. For tax year 2023, he pays himself a salary of $150,000 and elects to defer $22,500 to a one-participant 401(k) plan. Bob also wants to add non-elective deferrals of $37,500 (25% of $150,000). He selects this amount since it appears to be the maximum permitted for a one-participant 401(k) plan and the total contributions of $60,000 will fall within the $66,000 total contribution limits set by the IRS for 2023.
Given the above example, where does Bob need to include this extra $37,500? Would one quarter of the amount ($9,375) be reported on box 2 ("Wages, tips, and other compensation") of each quarterly form 941? Would the full amount be reported on line 17 ("Pension, profit-sharing, etc., plans") of the annual 1120-S? Are there any other impacts to any other forms?