Hello. Assuming you take out $5,000 and they withhold 10% ($500), I would use a split transaction... sell $5000 worth of the mutual fund, add $4500 to your bank account, and $500 to federal income tax paid.
I apologize for not using "debit" and "credit" terms, but I'm not sure I'd get them right. You can track them however you wish, but the above is how I would do them... well, except, I never have the mutual fund withhold taxes; I pay my own taxes quarterly. On Wed, Jan 11, 2023 at 4:35 PM Milton Stern <drmos...@gmail.com> wrote: > Hi, > > What would be the recommended method of Entry for an IRA Distribution? > > The Distribution is for a personal IRA (not Roth). > The IRA is of Mutual Funds. > > The Mutual Fund is in Assets > Investments - Retirement > Brokerage > etc. > > etc. > > Since this is taxable income, I need to track withholding (Federal) + Net > Distribution to a Checking Account (Assets > Current Assets). > No Commission fees are applicable, but it would be nice to know where/how > they would be tracked. > > Thank you in advance, > > Moshe > _______________________________________________ > gnucash-user mailing list > gnucash-user@gnucash.org > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > ----- > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. > -- _________________________________ Richard Losey rlo...@gmail.com Micah 6:8 _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
