I looked into the calculations by checking the underlying IRS forms a few
years ago. It is not prorated, withdrawal of basis dollars is totally tax
free until withdrawal exceeds basis.
*I am not a tax expert, may be wrong
On Sat, Apr 24, 2021, 18:18 Martin Blais wrote:
> Oh I see. That makes se
That's a good query, red. That seems about right. I was concerned with
dividends throwing things off since I would have them go to the cash
account, but ensuring the transaction comes from a specific asset (via
regex) seems perfect. I'll likely use this approach. Thanks for all the
suggestions ever
> Oh I see. That makes sense. (And it's probably pro-rata as well, e.g. if
> you have 100k in contribs on an account worth 120k and you take out $1200,
> $200 would be taxable? That's what I'd expect the govt would do)
> I'd probably write a script to compute the contribution amount instead of
I just have a "Assets:Investments:Retirement:Roth:Cash" account that I
deposit all my contributions into before investment. If I wanted to track
my contributions, I would just query for transactions into this account
greater than a certain dollar figure. Since I do contributions all at once,
lo
Oh I see. That makes sense. (And it's probably pro-rata as well, e.g. if
you have 100k in contribs on an account worth 120k and you take out $1200,
$200 would be taxable? That's what I'd expect the govt would do)
I'd probably write a script to compute the contribution amount instead of
tracking it
You can withdraw contributions at any time, tax free and penalty free,
regardless of age. However, if you withdraw more than your contributions
when younger than 59.5, then the gains portion would incur a penalty. Thus,
knowing your contribution amount is important if there is an intent to
with
I still fail to understand. This would make sense for an After-Tax 401k,
but for a Roth account, it's 100% non-taxable.
The penalty is a constraint based on your age IIRC, there's nothing to
track.
On Sat, Apr 24, 2021 at 7:49 PM William Bean wrote:
> Agreed. The actual investments and everythi
Agreed. The actual investments and everything would be tracked as a regular
account. The contribution tracking would be something separate, which is
why I'm contemplating just an account with fake currency for this. I intend
to use it to track how much money I have available as an emergency fund
I treat this as a regular account.
Why would you track this? The whole point is to keep the account around for
old age.
On Sat, Apr 24, 2021 at 5:32 PM William Bean wrote:
> Does anyone have a specific way they track Roth contributions in
> Beancount, so you know how much you can withdraw penal
