Retirement acct withdrawal accounting

Gregory Forster fgreg74 at gmail.com
Sat Apr 15 09:51:37 EDT 2017


I always wait until I get the statement.   For example, I have some of 
my IRAs in mutual funds.  They show the withdrawal including how many 
shares were withdrawn, the share price at the time of withdrawal, etc.  
They also show the gross, taxes withheld and net amount of the withdrawal.

I use to keep all the information on a spreadsheet, but I found myself 
duplicating the same information. The spreadsheet was the best way to 
keep track of dollar amounts though.

I guess what made it easy was that before I was disabled/retired, I was 
an Enrolled Agent for ten years, had my own tax accounting firm and also 
worked at a tax accounting firm during the tax season.  So spreadsheets 
came easy for me.


On 4/15/2017 7:39 AM, Eric Beversluis wrote:
> 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.
>

-- 
Gregory L. Forster,
414-774-9208 Voice/FAX,
414-852-3109 Cell,
fgreg74 at gmail.com


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