[GNC] Accounting FOr Beneficiary Income

[Dave Gilmore]

Hello all,

My mom recently passed away and I am the sole beneficiary on all of her 
assets. I am wondering how to setup and record few scenarios.

1. She had a traditional IRA account that she was receiving 
disbursements from. I worked with the broker and just rolled all of the 
accounts into my name. So, now I have this money that was given to me 
and I didn't pay into. I have to continue receiving disbursements from 
this account every year. Because this is a traditional IRA, I have to 
pay taxes on this income. Because of this, should I set the IRA account 
as some sort of equity that I can get income from and pay taxes on? I 
tried setting it up as an investment asset, but I couldn't then make an 
income transaction. I think I need to reflect this as income due to the 
taxes being taken out. Otherwise it would just be a transfer between 
asset accounts. How should I set this up?

2. As I am closing out some of her accounts (utilities, insurance, 
cable, etc) she is being issued a refund. Which is being paid to me. 
Should I just list this as "other income". Technically it is a refund, 
but I did not make the original expense to be refunded for

Thanks!

Dave Gilmore