Hi Bob/GnuCash users, This may seem basic, but is your IRA (https://en.wikipedia.org/wiki/Individual_retirement_account) traditional or Roth?
IRAs can be taxed at the contribution stage or at the withdrawal stage. https://www.pacificpremiertrust.com/individual-investors/self-directed-ira-sdira.html - some people that use GNUCash may also be interested in a self directed IRA... --- Thanks, Brad - https://www.facebook.com/brad.morrison.12327/ & https://norcal.social/@BradMorrison On 2024-12-26 23:34, Sherlock wrote: > 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. >> >> _______________________________________________ >> 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. > > _______________________________________________ > 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. _______________________________________________ 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.
