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DorkiCorki
Level 2

How do I handle traditional IRA contributions?

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

 

 

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