Roth contribution

[nostabo]

I am a sole proprietorship and have a Roth IRA. My CPA (who doesn't want to understand PAW) will handle the tax work, but how do I show my contributions in the COA? My CPA will work off the records (reports) that I present him.

Thanks,

Rick

[Lisa_p]

Ask your CPA, but I don't think your Roth IRA contributions have anything to do with your business.

[nostabo]

Thanks Lisa,

My Roth IRA contributions have nothing to do with my company except for the fact that as a sole proprietor I am my company, and the contributions originate from my company's account. I could take them as a Draw (Equity account) and then invest them through my personal account. But that seems too complicated. I would rather have my broker take the money straight from my business account. The question is, if I do this, to which account should it be posted?

[Lisa_p]

post it to your draw account.

[LauraG]

I agree with Lisa. The Roth IRA has nothing to do with your business so any money added to your Roth should come from personal funds.

If you want to use business funds then post it to your draw account along with any other personal use of business money.