Sale of IRA Mutual Funds as an Premature Distribution

[Milton Stern]

Thank you David.

I am aware that this is not a place for free accounting advice.

I was just trying to get advice of categorization and transfer functions of
GnuCash.

1. My IRA account is in Assets, should it be in Equity?
2. What should the transaction look like?

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.

Trying to follow the standard mutual fund selling pattern within GnuCash
documentation seems inappropriate due to the premature distribution of an
IRA is practically speaking pure realized deferred income.

Thanks for the input,

Moshe

On Mon, Oct 26, 2015 at 11:06 PM, David Carlson <david.carlson.417 at gmail.com
> wrote:

> 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
>>
>> º¤ø¤º°`°º¤ø¤º°`°º¤ø¤º°`°º¤ø¤º°`°º¤ø¤º°`°º¤ø¤º°`°º¤ø¤º°`°º¤ø
>> He [Hillel] used to say: If I am not for myself, who is for me?
>> And if I am only for myself, what am I?
>> If not now when? (Avot 1:14)
>> ¤º°`°º¤ø,¸¸,ø¤º°`°º¤ø,¸¸,ø¤º°`°º¤ø,¸¸,ø¤º°`°º¤ø¤º°`°º¤ø¤º°`°º¤ø
>>
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