[GNC] IRA conversion

[Fred Tydeman]

I assume that that Distributions account should be of type Income (not
Asset).

It appears that Income accounts cannot have a stock account type (so cannot
move stock via this method).
Would have to fake it by selling the stock (in 'from' account) to get cash,
move the cash, then buy the stock
(in the 'to' account).

Also, since X dollars come into Distributions and X dollars leave, the net
is zero.  So, any report would
show zero income.

I think a better solution is to use four splits:
  Cash or stock coming out of Regular IRA Asset account
  Cash or stock going into Roth IRA Asset account
  Cash going into a Distributions Income account
  Cash going into a dummy Expense account

Then, make sure to exclude the dummy Expense account in any reports.


On Sat, Apr 6, 2024 at 12:43 AM sunfish62 at yahoo.com <sunfish62 at yahoo.com>
wrote:

> I am not really knowledgeable in this area (or many other areas, to be
> honest), but I found the following discussion (in a Quicken forum) that
> might lead you towards an answer:
> https://community.quicken.com/discussion/7931315/tax-summary-report-does-not-include-income-for-conversions-to-roth-ira
>
> My reading of that post suggests that you might first sell your regular
> IRA into a (taxable)  Distributions account. That would allow creation of
> any gains entries necessary. Then use the Distributions account to buy into
> the Roth.
>
> I'm sure others will inform me and you of the errors in my advice.
>
> David T.
> On Apr 6, 2024, at 8:02 AM, Fred Tydeman <tydeman.fred at gmail.com> wrote:
>>
>> Suggestions on how to record moving cash and stock from
>> a regular IRA to a Roth IRA so that a taxable event is recorded?
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