On 4/2/2021 2:44 PM, David G. Pickett via gnucash-user wrote:
It'd be nice if the transfers from tax deferred accounts (401k, IRA) to not tax deferred showed as taxable income on the tax report. Reverse transfers might also be listed as tax deductions.
It would help you to understand the issues if you tried to record this transaction without gnucash (do it the old fashioned way, on paper).
This is not the only "interesting" situation involving taxable income. In this case, money WAS being transferred, debit some bank account, credit the 401k account. But take an example where you received NOTHING tangible but were informed you had some taxable income. You need an example?
As an employee benefit, an employer is allowed to pay the premiums on a life insurance policy on the employee's life, the employee getting to choose the beneficiary. Generally the employer makes this benefit "one year's salary" of life insurance. By US tax code, this is not considered taxable income to the employee up to $50,000 of insurance coverage. But suppose that employee made $60,000 per year so the insurance coverage was for that amount. The premium on $10,000 of that (the amount over $50,000) would taxable income to the employee.
<< this is really the same problem -- the issue is, what is the debit side of that credit >>
Michael D Novack _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
