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keefmeister
April 29, 2019
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How to record a small 401K rollover into a Self-Directed IRA checking account?

  • April 29, 2019
  • 1 reply
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Hello,

My wife has a self-directed IRA LLC.  She rec'd a very small 401K check ($203.73) from a former employer she elected to roll over into her IRA LLC checking account.  She deposited the check and we are now wanting to record the deposit in QuickBooks.   I'm not sure how to do this including what type of asset/equity account to use.  Thanks in advance for any help/guidance.

Best answer by QBsguru

First of all, neither your wife's or any other employees retirement accounts should be recorded on the LLC's books.  They do not belong to the LLC and should not be listed as an asset.  If you have set up a books for the IRA LLC a deposit into the account would be a member's contribution. 

1 reply

Q
QBsguruAnswer
May 1, 2019

First of all, neither your wife's or any other employees retirement accounts should be recorded on the LLC's books.  They do not belong to the LLC and should not be listed as an asset.  If you have set up a books for the IRA LLC a deposit into the account would be a member's contribution. 

K
keefmeisterAuthor
May 4, 2019

Thank you for your answer.  Much appreciated.

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