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Keogh screen isn't available for an S corporation
S corporation shareholders don't meet the definition of a self-employed individual. The 1040 Schedule 1 deduction for retirement plan contributions is available only for self-employed individuals. Since S corporation shareholders are employees under the law, the S corporation deducts contributions made on behalf of the shareholder on line 17 of the 1120S return. Per IRS Publication 560, Retirement Plans for Small Businesses (page 5, in the Net earnings from self-employment section):
Net earnings include a partner's distributive share of partnership income or loss. It does not include income passed through to shareholders of S corporations.
Furthermore, contributions to a retirement plan can be made only from compensation, which, in the case of a self-employed individual, is earned income. While an S corporation shareholder may receive distributions similar to distributions that a partner gets from a partnership, distributions received as a shareholder of an S corporation don't constitute earned income for retirement plan purposes (see IRC sections 401(c)(1) and 1402(a)(2)).