Hello all,
My mom recently passed away and I am the sole beneficiary on all of her
assets. I am wondering how to setup and record few scenarios.
1. She had a traditional IRA account that she was receiving
disbursements from. I worked with the broker and just rolled all of the
accounts into my name. So, now I have this money that was given to me
and I didn't pay into. I have to continue receiving disbursements from
this account every year. Because this is a traditional IRA, I have to
pay taxes on this income. Because of this, should I set the IRA account
as some sort of equity that I can get income from and pay taxes on? I
tried setting it up as an investment asset, but I couldn't then make an
income transaction. I think I need to reflect this as income due to the
taxes being taken out. Otherwise it would just be a transfer between
asset accounts. How should I set this up?
2. As I am closing out some of her accounts (utilities, insurance,
cable, etc) she is being issued a refund. Which is being paid to me.
Should I just list this as "other income". Technically it is a refund,
but I did not make the original expense to be refunded for
Thanks!
Dave Gilmore
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