How do I handle traditional IRA contributions?

DorkiCorki · ‎March 04, 2022

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

Rustler · ‎March 05, 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

DorkiCorki · ‎March 06, 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

Kat123 · ‎September 28, 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?

Kat123 · ‎September 28, 2023

Hi I am wondering if you were able to figure out how to set up the IRA in your personal QB account. Can you please help me with that? What accounts did you use?

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How do I handle traditional IRA contributions?