I appreciate the various input here; it has been educational, so I wanted particularly to add my thanks.
On Tue, Jan 16, 2024 at 4:17 PM Michael or Penny Novack < stepbystepf...@comcast.net> wrote: > On 1/16/2024 1:42 PM, Adrien Monteleone wrote: > > I'm thinking of a case where someone starts using GnuCash either at > > the point they start taking disbursements or after. I'm about to help > > a family member in that exact situation. > > > > While Deferred Income wasn't tracked along the way, I'll set up the > > account with the present total as an opening balance and have them > > transfer against that each distribution. > > That's a reasonable solution. > > I'd do it under equity. You can create for them there an account with a > name like "deferred income". Presumably when you started the books for > them, the other side of the transaction(*) entering the IRA balance as > an asset was equity. All you would be doing now would be to "partition" > equity transferring the remaining IRA balance form undifferentiated > equity to ":deferred income:. > > Then as distributions are taken, the debits would be bank account and > deferred income and the credits the IRA balance and income > (current/taxable income) > > While this isn't necessary, could just debit equity, if you have the > deferred income separated out it SHOWS. I'd certainly want my balance > sheet to show that some of my net worth has a tax liability associated > with it. > > Michael D Novack > > * If you used the "starting balance" tool no explicit transaction. > > > _______________________________________________ > 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.
