Contributions to a retirement plan can only be made from compensation, which, in the case of a selfemployed individual, is earned income. Unfortunately for S-Corp owners, only W2 income can be recognized for qualified retirement plan purposes (not the pass-through income).Retirement plans for S Corp owners, like SEP IRAs and Solo 401(k)s, help maximize savings. Learn how self-employed professionals can plan ahead. An Individual Retirement Account, or IRA, often represents a really good option for an S corporation owner. Form D-400 Schedule S, 2023 N.C. Adjustments for Individuals. File Necessary Forms: File IRS Form 5500 annually to report the plan's status and compliance. Employee Stock Ownership Plan (ESOPs).