[GNC] gnucash-user Digest, Vol 228, Issue 33

[davidvernonlong at gmail.com]

   2.  Question about Assemblies (Frederick)
There is no inventory accounting in GnuCash, so if you need to hold parts in
inventory in numbers of units together with their cost per until, whether on
average cost or on FIFO basis, which then build assemblies, I cannot see how
this would be possible.
David

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Today's Topics:

   1. Re:  IRA/401K income detection (Michael or Penny Novack)


----------------------------------------------------------------------

Message: 1
Date: Thu, 17 Mar 2022 10:29:14 -0400
From: Michael or Penny Novack <stepbystepfarm at comcast.net>
To: "D." <sunfish62 at yahoo.com>
Cc: Gnucash Users <gnucash-user at gnucash.org>
Subject: Re: [GNC] IRA/401K income detection
Message-ID: <f9bc13aa-db83-5b07-66ec-1d27c22f93a5 at comcast.net>
Content-Type: text/plain; charset=UTF-8; format=flowed

On 3/16/2022 8:49 PM, D. wrote:
> Michael,
>
> I think I get what you're saying. In my own case, I've taken to 
> separating the pretax streams into their own income accounts, which 
> seemingly addresses some of your points.
>
> But one of the big selling points of IRA/401Ks is that they earn money 
> tax deferred (which I've also isolated into their own income 
> accounts). How does Joe allocate the distributions-- or does it even 
> matter? Each distribution is going to include a portion of deferred 
> income and a portion of untaxed dividends (at least how I've captured 
> the txns thus far). Is there a different way to manage those dividends?


If the contributions are all "pre-tax" then they are "deferred income" . 
The "deferred income" account would have been used when you entered the
transaction for a contribution.

What the account has earned is also all "deferred income". If you were
entering transactions to record the increase in value of your 401K, that
would have been the other side of the transaction. Note that it is "deferred
ordinary income? and not "deferred capital gains"

If the 401k existed before you began with gnucash, the probable cause was
entering the starting balance using the "tool" (so other side "starting
equity"). It should have been "deferred income" << you could still use the
tool -- when you created "deferred income" (probably under
equity) with the same starting value that would have taken it out of
"starting equity". Understand? Yes "deferred income" is part of your equity
but it is different than your other equity because it has an attached tax
liability.

Michael D Novack

PS? --- Bears repeating, but a "manual" is not a "user guide". We really
should not be advising users about things like this. In other words, the
question isn't "how do I enter transactions related to a 401k" but "what
accounts, what transactions, would I be using when accounting for a 401k".
That's for a tax accountant to tell you, or you look it up. I am not legally
qualified to answer "tax accountant" sorts of questions.



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