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 <
gnucash-user@gnucash.org> wrote:
> On 12/27/2024 1:24 PM, R Losey wrote:
> > I absolutely agree with you that using a dummy account doesn't "feel
g account, federal withholding, and state withholding. Then I
> create
> > a withdrawal in the asset I'm taking the RMD from and deposit that
> > withdrawal in the corresponding dummy account.
> >
> > This hack seems to work, but it doesn't feel right to me because it seems
> > to violate the double-entry
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
rawal in the corresponding dummy account.
>
> This hack seems to work, but it doesn't feel right to me because it seems
> to violate the double-entry principle.
>
>
> From: Stan Brown (using GC 4.14)
> Sent: Friday, December 27, 2024 8:13 AM
>
On 2024-12-27 08:36, Bob Plantz wrote:
> It's a traditional IRA. I also have a 403(b). I'm taking required
> minimum distributions from both.
>
> I have an asset account and a "dummy" account for each. When I take an
> RMD, I create an income transaction that shows where the money goes:
> checking
On 2024-12-26 20:30, Bob Plantz wrote:
> I realize that an IRA distribution is not income, but the (USA) IRS treats it
> as income.
Not always. If you have a basis in your IRA, because at some time
(possibly decades ago) you made a nondeductible contribution, or rolled
over some other account tha
___
From: Stan Brown (using GC 4.14)
Sent: Friday, December 27, 2024 8:13 AM
To: Brad Morrison ; rgpla...@outlook.com
Cc: gnucash-u...@lists.gnucash.org
Subject: Re: [GNC] How to treat IRA distribution as income
On 2024-12-27 00:35, Brad Morrison wrote:
>
> This may seem ba
On 2024-12-27 00:35, Brad Morrison wrote:
>
> 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.
Or both. If you ever made nondeductible contribu
On 12/26/2024 11:30 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
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-sdir
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:account> where is the name of the IRA account within
Assets. The Income:Deferred: account is
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 port
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