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.
>
>
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-- 
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Richard Losey
rlo...@gmail.com
Micah 6:8
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