[GNC] IRA/401K income detection

[D.]

Oh, I know about using the tax flag and TXF report. Done it for years. But unless you figure out how to do what Mike has mentioned (consistently over the years), if you flag these accounts as tax-related, they still don't show as income, because you're transferring money from one asset account to another. 


-------- Original Message --------
From: Adrien Monteleone <adrien.monteleone at lusfiber.net>
Sent: Wed Mar 16 19:20:57 EDT 2022
To: gnucash-user at lists.gnucash.org
Subject: Re: [GNC] IRA/401K income detection

GnuCash also lets you mark accounts as tax implicated and you can I 
think tie them to certain 'lines' or certain 'forms'. That's used for 
personal taxes as well.

I wasn't even thinking about the sales tax features for invoices/bills 
which is something entirely separate.

If simply marking the relevant accounts are not enough to get it onto a 
Tax Report, then yes, virtual type tracking will be needed.

Regards,
Adrien

On 3/16/22 5:09 PM, D. via gnucash-user wrote:
> Adrien,
> 
> Overall, I think you're right, but I believe the tax features you're referring to are used to calculate taxes for a business? The issue with deferred income-- and this has been true for as long as I can remember-- is that when Joe Retiree takes money from their IRA, the IRS considers it income, and taxes it accordingly. But when Joe tries to enter the transfer from their IRA to their checking account in GnuCash,  it doesn't get treated as income, and there doesn't appear to Joe to be a straightforward way in GnuCash to make it into income that they can track for taxes. That is a decidedly different tax issue than the one you've mentioned, IMHO.

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