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Hi and welcome to Just Answer!Only wages are considered to determine the limit on 401k contributions. Distributions you receive as a shareholder of an S corporation do not constitute earned income for retirement plan purposesThere are two parts of the contribution - an employee elective deferral and an employer's matching contribution.The limit on the amount of elective salary deferrals in 2010 was $16500 - assuming there is no catch-up contribution and consider that is NOT a simple 401k plan.
In additional - the S-corporation as your employer can make matching or nonelective contributions to the plan based on your Form W-2 compensation as a common-law employee which is limited by 25% of your compensation - in your case $90,000 (from W2) * 25% = $22,500
So far - the total limit would be $16,500 + $22,500 = $39,000There is another limit on overall defined contributions into all retirement plans - which in 2010 was $49,000 - but seems that limit doesn't affect your situation.