Yes, I just briefly alluded to it once; it is an important point... thanks
On Fri, Dec 27, 2024 at 3:22 PM Michael or Penny Novack via gnucash-user < [email protected]> wrote: > On 12/27/2024 1:24 PM, R Losey wrote: > > I absolutely agree with you that using a dummy account doesn't "feel > > right"... when I have situations that I don't fully understand, I run > into > > that a lot. > > > > I can think of three options: > > > In asking this question (what to do NOW, taking money out) you leaving > out a very important detail, how did you account for the money when it > went in? > > For example, did you include this money as part of income THEN. If so > how? Just "non-taxable income". As "deferred income". How about gains in > the account each year? Think about what an IRA/401k actually is, a > method of DEFERRING income (and income tax) to a point later in life > when presumably you are no longer having current salary income. > > If you did NOT include the deferred income (and any employer matching) > as income back then, it is simply income now. BUT -- because we often > want our accounting system to show how well off we are (or to compare > opportunities) we might well have been tracking "deferred" and > "conditional" amounts*. Well in that case the price is more complex > bookkeeping now that money is coming out. > > Michael D Novack > > * Conditional, because although an employer might make "matching" > contributions or offer "split dollar" whether you get to keep those > amounts depends on CONDITIONS (will you remain with that employer till > "vested", etc). Things like "split dollar" involve decisions WHEN you > leave based on your health at this future date. > > > _______________________________________________ > gnucash-user mailing list > [email protected] > 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 [email protected] Micah 6:8 _______________________________________________ gnucash-user mailing list [email protected] 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.
