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DorkiCorki
March 5, 2022
Question

How do I handle traditional IRA contributions?

  • March 5, 2022
  • 1 reply
  • 0 views

Hi thanks in advance!

 

I have some issues with my IRA contributions.

 

1. Right now personal contributions to my personal Traditional IRA are showing up as other current assets in my personal books, but I don't have the IRA account set up in QBO. 

Should I have that set up or does this go in a different category?

2. The yearly contributions are accruing so it looks like I contributed twice this year, even though in the register it clearly shows that's not the case.

Are they supposed to show in the P&L like that?

 

Thanks again, looking forward to hearing your solutions!

 

QBO Simple Start

 

 

1 reply

Rustler
Rustler
March 5, 2022

If you take funds from the business, then those funds are an equity draw since an IRA is a personal retirement account. So no the IRA would not be listed in the business accounting

    D
    DorkiCorkiAuthor
    March 7, 2022

    This is all happening n my personal books, nothing to do with business at all.

    @Rustler wrote:

    If you take funds from the business, then those funds are an equity draw since an IRA is a personal retirement account. So no the IRA would not be listed in the business accounting

     

    K
    Kat123
    September 29, 2023

    hi I am wondering how you set up your personal IRA accounts. Did you figure it out? Can you please let me know how as well?

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