[GNC] Tax deferred account transfers suggestion

David G. Pickett dgpickett at aol.com
Sat Apr 3 13:11:56 EDT 2021


Transfers can be made in and out of tax deferred accounts.  Assigned is not a verb that triggers any GNUCash functionality I am aware of.  I am suggesting that:   
   - US Income Tax Deferred accounts have an attribute that identifies them.
   - When money is put transferred from not deferred or cash in, it is a taxable income deduction on the tax report.
   - When it is taken out to an account not tax deferred or cash, it is retirement income on the tax report.
   - If money or shares are moved from one tax deferred account to another, it is a rollover and should be ignored by the tax report.
The implications for US state tax and other nations vary.

One weakness of GNUCash and some similar software is that transfers that are tax affecting (or otherwise categorical) are not allowed to have a category like expenses and income in cash flow.  If I was tracking multiple customer accounts, for instance, cash movements between them should be labeled: corrections, trading, gift, etc., but perhaps that is beyond the scope of GNUCash.

-----Original Message-----
From: David Carlson <david.carlson.417 at gmail.com>
To: David G. Pickett <dgpickett at aol.com>
Cc: gnucash-user at gnucash.org <gnucash-user at gnucash.org>
Sent: Fri, Apr 2, 2021 2:53 pm
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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