Income from IRA

Robert Plantz rgplantz at
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 
    c. Taxes withheld under "Tot Receive" coming from 

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.


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