The approach we have been using successfully is to include a balanced
split pair in the distribution transaction with a deposit against
Income:Deferred account and a withdrawal against Income:Deferred:<IRA
account> where <IRA account> is the name of the IRA account within
Assets. The Income:Deferred:<IRA account> account is set as "Tax
Related" with "F1099-R IRA total dist - taxable".
On 12/26/24 8:30 PM, Bob Plantz wrote:
I realize that an IRA distribution is not income, but the (USA) IRS treats it
as income. My IRA is in a mutual fund, and I sell shares to create a
distribution. The bulk of the money from that sale goes into my bank account,
another portion goes to the IRS for withholding tax, and the third portion to
my state withholding tax.
How do I get gnucash to treat the total cash distribution as income? I've been
using gnucash since 1997 and have never been able to figure out a good way to
do this.
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