Income from IRA
Robert Plantz
rgplantz at gmail.com
Thu Jan 13 12:22:29 EST 2011
On 1/12/2011 9:45 AM, Alan Schold wrote:
> As a retiree I sometimes transfer money from an IRA account to my
> checking account (both Assets). I understand the transfer process, but
> how do I arrange to have the transferred amount recorded as Income:
> Retirement Income: IRA distribution for tax purposes?
> _______________________________________________
Same problem here. I created the following accounts:
"IRA Distributions" -- at the top level as just a simple bank account.
"Income:IRA Distributions" -- under "Income" with the proper Edit->Tax
Report Options
"Expenses:Taxes:Fed_withhold_IRA" -- under "expenses" with the proper
Edit->Tax Report Options
Then I:
1. My distribution comes from "Assets:Vanguard:TradIRA:Bond" and goes to
"IRA Distribution"
2. I have a split transaction in my checking account that shows:
a. The total distribution amount under "Tot Spend" coming from
"Income:IRA Distribution"
b. The net distribution amount under "Tot Receive" coming from
"Assets:name_of_bank:Checking"
c. Taxes withheld under "Tot Receive" coming from
"Expenses:Taxes:Fed_withheld_IRA"
I'm not an accountant, so I don't know if this is the proper or the best
way to do it. But when I do a Tax Schedule Report I seem to get the
correct results. I have not yet imported the txf file into my tax
preparation program.
What I'm left with is this top-level account, "IRA Distribution", that
just sort of is there. On the other hand, it provides a quick way to see
what distributions I've taken.
--Bob
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