Retirement acct withdrawal accounting
Eric Beversluis
ebever at researchintegration.org
Sat Apr 15 08:39:24 EDT 2017
As I'm working on my taxes I realize that GnuCash as I've set it up
doesn't give me a readout on taxable distributions from my retirement
accounts.
I enter them as transfers from the relevant retirement acct to my
checking, with expense entries for withheld taxes. So it would take a
lot of digging and copying to a spreadsheet to get the totals from
GnuCash. Of course I get 1099-R's that give me the total, but it seems
to me that the accounting system should show this too.
I can't show it as a form of income, even though at the end of the year
it is part of my taxable income. It really is a transfer. My net worth
does not go up when I make a withdrawal from the retirement account.
Any ideas how this should be handled in proper accounting? Do I maybe
set up another account ("Taxable retirement transfers"), enter the
transfers there and then transfer again to checking and tax expenses?
That seems rather Rube Goldbergian.
Thanks.
--
Eric Beversluis
www.ericbeversluis.com <http://www.ericbeversluis.com>
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