Yes. You're correct, HW808.
You'll have to set it up as a liability under your financial program.
With regard to the tax mapping, I'd recommend reaching out to your accountant. They're the best support that can decide on what is best for this type of recording.
Feel free to bookmark these links that talk about IRA Deduction Limit:
I'm just a post away if there's anything that I can help. Stay safe!