Thank you for your response and yes, will definitely consult the CPA. I was just trying to understand for my own edification.
I'm not sure what you are specifically referring when you say contribution method- this transaction wasn't through payroll and there is no existing retirement plan established. The owner is the only employee.
The owner simply EFT'd funds from his business checking account directly to his outside traditional IRA brokerage account (without first consulting CPA or financial advisor). So, I have a downloaded transaction that is in my for review tab, that shows these funds leaving his business checking account. I'm simply trying to understand where/how I should place this specific transaction now that it's a downloaded transaction from his business checking account. I can place it in the "Ask Accountant" category and wait for the CPA, but was hoping someone on here would be able to provide further insight for my own curiosity in the meantime.
