SEP-IRA Contributions
US QuickBooks Premier : 2010: Professional Services
What is the appropriate account for SEP-IRA Contributions?
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dB8bBKwlir4izzacwZ5xHE
03/27/11 1:47pm PDT
Viewed by asker 06/04/11 7:49am PDT
Viewed by asker 06/04/11 7:49am PDT
9 Replies
lynda
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03/27/11 2:09pm PDT
Here is a link to set up a retirement payroll item:
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Lynda Artesani
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Lynda Artesani
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03/27/11 2:12pm PDT
I have only one employee - me. Do I have to setup payroll? I usually just track my withdrawals as "Member 1 Draws".
03/27/11 2:14pm PDT
The solution
In that case, just make an SEP expense as a sub acct under payroll expenses. Put the transactions thru that acct.
pangea3
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03/27/11 2:24pm PDT
Just a note, you say you are the only "employee" but you take draws, so you are not really an employee and your SEP IRA is not a business expense. I would put a subaccount to draws for your SEP IRA.
Pam Johnston
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05/25/11 9:17am PDT
If you enter a SEP contribution in Quickbooks as follows:
Acct Type: Equity
Sub-account: Owners Draw
and then Form: 1040:SEP deduction, self , you get the following message:
This account has been assigned an income tax line that is not compatible with the account type. We recommend that you change the account type or the income tax line.
Which one would be appropriate and change it to what?
lynda
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03/27/11 2:41pm PDT
Pam made a good point. I had a SEP expense acct. but my business was an LLC. If you are sole proprietor, do as Pam stated.
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Lynda Artesani
Artesani Bookkeeping
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Lynda Artesani
Artesani Bookkeeping
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05/10/11 8:25am PDT
I have an LLC put it is a sole prop LLC. Is this a business expense or just a draw?
06/01/11 9:10pm PDT
Latest post
phlo239, I am set up the same way. I followed pangea3's suggestion and considered it a draw.
