Hi, Please see below ********
Moshe On Wed, Jan 11, 2023 at 7:06 PM R Losey <rlo...@gmail.com> wrote: > 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. > ******** Agreed. The component that I am having trouble with is the Pre-Tax IRA Distribution component. Because it is a Pre-Tax IRA, the distribution is taxable as income. ********The direct "sell $5000 worth of the mutual fund, add $4500 to your bank account" direct transaction will not show up in Income Reports. > > 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. > ****** New for 2023. IRS requires the brokerage to withhold taxes from IRA Distributions. Last year you could specify 0% withholding. ****** They don't make it so easy this year. It is sort of a double hit. Even if you get it back as a tax refund, you can't put it back (Rollover) into the IRA to earn tax free. > > > 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.
