S-Corp Compensation reporting

[Ken Olson]

I need some advice with capturing compensation reporting from a flip I closed in 2019. Does the following breakdown make sense to everyone?

a) Total compensation = $40,000; breaks down as follows:

      ($32,000 = Officers compensation + $8,000 = Profit Sharing from s-corp (25%x$40,000))

b) $32,000 breaks down as follows:

     ($25,000 = salary to be deferred to solo 401k + $7,000 = distribution from s-corp profits)

c) Total to solo 401k = $33,000;

     ($25,000 = deferred salary + $8,000 = profit sharing contribution) leaving $7,000 = cash

Assuming the numbers listed here are good, I need some help with how it's reported on the various IRS forms; here's my best guesses:

1) F1120s,line 7 - Officers Compensation

     Option 1 - $40,000 (total comp) - but elective contributions to 401k are to be on line 17 only?

     Option 2- $7,000 (total comp less $25,000 deferred to 401k)

     Option3 - $0 ($25,000 deferred to 401k and $7,000 is from s-corp distributions (no payroll tax)

2) F1120s, line 17 - $8000 (pretty sure this is correct)

3)1120s, schedule k, line 17c and schedule k-1 line 16 code D - $7,000 (distribution from s-corp)

Did I miss anything? Thanks in advance for your help.