[GNC] Accounting FOr Beneficiary Income

Stephen M. Butler kg7je at arrl.net
Fri Jan 31 14:54:52 EST 2020


On 1/31/20 10:48 AM, Dave Gilmore wrote:
> 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 


Only your local CPA can provide the correct answer for you.  Once you
know how s/he wants it recorded, we can then help you setup the accounts
and enter the transactions.

-- 
Stephen M Butler, PMP, PSM
Stephen.M.Butler51 at gmail.com
kg7je at arrl.net
253-350-0166
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