[GNC] IRA/401K income detection

[Eric Beversluis]

(Sorry—I clicked the wrong reply button.)

I’m not sure what you’re trying to accomplish. It sounds like you don’t want your books to exaggerate how wealthy you are by ignoring the tax liability of the transfer. When I transfer (withdraw) money from a tax-deferred retirement account I usually have them withhold some of it. If you don’t do withholding, you might set up a tax liability account that offsets the some of money you’ve transferred into your checking account. 

Of course those tax liabilities are only estimates until you actually do taxes at the end of the year. But that’s no different from estimating the tax liability you incur from income. 

Am I reading your concern properly? 

Eric Beversluis
Short fiction at www.ericbeversluis.com

On March 13, 2022 at 22:28:20, David G. Pickett via gnucash-user (gnucash-user at gnucash.org) wrote:
> I understand that one characteristic/weakness of the double entry system is that you  
> cannot tag a transfer with an income or expense account. Still, accounting programs  
> help prepare 1099R's, so there must be a way. Keeping deferred tax items a separate set  
> of books would make income visible but assets would be divided.
>  
> It'd be nice if there was some sort of account tax tag so transfers from pretax/tax deferred  
> accounts to normal accounts would show on the tax report.
>  
> My traditional 401k/IRA stuff is pure pretax, which I suspect is the overwhelming norm.  
> Of course, my Roth is tax free! I am just too old/retired to put much into it!
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