[GNC] Tax deferred account transfers suggestion

[D.]

In my experience, the issue is that money diverted to a retirement vehicle is registered as (some form of) income at the time of initial receipt, and diverted into the tax preferred asset account, so as to track those funds. When pay out from the retirement account occurs, however, the retiree is expected to report this as income-- but in the books, it's a transfer between asset accounts, which aren't categorized as income anywhere. Michael's response on this thread left me still wondering what the proper way to handle this might be, as the only pen and paper accounting I've done was a personal check book back in the 1980s.

Yet Another David, This Time With A T.




-------- Original Message --------
From: David Carlson <david.carlson.417 at gmail.com>
Sent: Fri Apr 02 14:53:20 EDT 2021
To: "David G. Pickett" <dgpickett at aol.com>
Cc: "gnucash-user at gnucash.org" <gnucash-user at gnucash.org>
Subject: Re: [GNC] Tax deferred account transfers suggestion

I am not able to confirm right now but IIRC it is already possible to
assign transfers from tax advantaged accounts as well as other accounts
that trigger 1099s in the US to the respective forms in the tax report.

On Fri, Apr 2, 2021 at 1:45 PM David G. Pickett via gnucash-user <
gnucash-user at gnucash.org> wrote:

> It'd be nice if the transfers from tax deferred accounts (401k, IRA) to
> not tax deferred showed as taxable income on the tax report.  Reverse
> transfers might also be listed as tax deductions.
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David Carlson
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