[GNC] Recommended Method of Entry for IRA Distributions

[R Losey]

Hello.

Assuming you take out $5,000 and they withhold 10% ($500), I would use a
split transaction... sell $5000 worth of the mutual fund, add $4500 to your
bank account, and $500 to federal income tax paid.

I apologize for not using "debit" and "credit" terms, but I'm not sure I'd
get them right.

You can track them however you wish, but the above is how I would do
them... well, except, I never have the mutual fund withhold taxes; I pay my
own taxes quarterly.


On Wed, Jan 11, 2023 at 4:35 PM Milton Stern <drmoshe5 at gmail.com> wrote:

> Hi,
>
> What would be the recommended method of Entry for an IRA Distribution?
>
> The Distribution is for a personal IRA (not Roth).
> The IRA is of Mutual Funds.
>
> The Mutual Fund is in Assets > Investments - Retirement > Brokerage > etc.
> > etc.
>
> Since this is taxable income, I need to track withholding (Federal) + Net
> Distribution to a Checking Account (Assets > Current Assets).
> No Commission fees are applicable, but it would be nice to know where/how
> they would be tracked.
>
> Thank you in advance,
>
> Moshe
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-- 
_________________________________
Richard Losey
rlosey at gmail.com
Micah 6:8