Best way to accumulate taxable IRA income
Ed Fields
ed at efields.com
Wed Sep 23 17:32:48 EDT 2015
Hello
Sometimes a picture is worth a thousand words.
When I make a deposit in my checking account I generally transfer it from
the source of the income, as depicted in the first two transactions below.
But, how best to handle the third transaction where the deposit must be
added to the IRA Income account?
Must this be done manually and if so, what is the way to manage the
transfer field? I use splits for regular income to handle withholding
taxes and insurance but using splits on this transaction type eludes me, so
I manage the income account manually.
Can the Income account be managed using splits?
Thanks
Ed
#1
IRA Account
Date Description Transfer
Shares Price Buy Sell
09/16/2015 IRA Withdrawal Assets::Checking Account (20)
5.00 100.00
---------------
#2
Checking Account
Date Description Transfer
Deposit Withdrawal Balance
500.39
09/16/2015 IRA Withdrawal Assets::Investments::IRA Account
100.00 600.39
--------------
#3
IRA Income
Date Description Transfer
Charge Income Balance
09/16/2015 IRA Withdrawal Imbalance-USD -----
100.00 100.00
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