[GNC] Tax deferred account transfers suggestion

[David Carlson]

David P,
What verb would you use to declare that transactions in or out of a
particular account should appear in a tax report as part of the total that
should appear, for example, on a certain line on form 1099-R from a certain
custodian. The tax schedule report assigns, associates, links or somehow
picks out which transactions create the list of transactions that should be
included on whichever line of whichever form to be reported to the U.S.
IRS.  The user should have created a certain income account to identify
cash moves from a tax deferred asset account to a current asset account,
which should appear on a certain 1099-R form, linked to that form in the
tax report, and those transactions appear on that line in the tax report.

You can assign wage income to W-2's, or whatever.


Isn't that what you are looking for?

On Mon, Apr 5, 2021 at 5:11 PM David G. Pickett via gnucash-user <
gnucash-user at gnucash.org> wrote:

>  Moving it twice to tag a transfer is not cool!
>     On Saturday, April 3, 2021, 07:13:28 PM EDT, David G. Pickett <
> dgpickett at aol.com> wrote:
>
>   Certainly the marking could be by subtree placement rather than a
> boolean at the account level, assuming we all don’t mind rearranging our
> accounts into deferrred pretax and normal post tax subtrees.
>     On Saturday, April 3, 2021, 02:38:43 PM EDT, David Carlson <
> david.carlson.417 at gmail.com> wrote:
>
>  It seems that nearly all these replies ignore the fact that that the tax
> report has a feature that allows the user to associate certain accounts
> with certain US tax forms.  It even allows association with specific copies
> of some forms like 1099s.
> This is on top of user creativity in account naming or COA structure.
> I think the OP was referring to that report in his question.
> Depending on which itch needs scratching, there are many solutions
> available.
> On Sat, Apr 3, 2021, 12:11 PM David G. Pickett <dgpickett at aol.com> wrote:
>
> 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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-- 
David Carlson