Sale of IRA Mutual Funds as an Premature Distribution

[David Carlson]

Milton,

This is not a place to get free accounting advice.  You will have to see
your accountant and pay for that.  He can calculate the premature
distribution penalty, if there is one, or advise you on ways to avoid that.

In Gnucash you can copy the items off of your distribution statement.  How
you will enter it will vary depending on how you have been tracking the
IRA.  If you were not tracking it at all, then there is simply an income
distribution and a tax withholding from that as shown on the check stub.

David C

On Mon, Oct 26, 2015 at 6:04 PM, Milton Stern <drmoshe5 at gmail.com> wrote:

> Hi,
>
> I needed to do a Sale of IRA Mutual Funds as an Premature Distribution,
> with Proceeds deposited as a check into a Checking account.
>
> Trying to understand a prior thread, and use it practically:
>
> http://gnucash.1415818.n4.nabble.com/Accounting-Treatment-of-Taxable-IRA-Distributions-td4661627.html
> Also noting that this discussion is not of a Premature Distribution.
>
>
> 1. My IRA account is in Assets, should it be in Equity?
> 2. What should the transaction look like?
>
> Thanks in advance,
>
> Moshe
>
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> And if I am only for myself, what am I?
> If not now when? (Avot 1:14)
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