[GNC] How to treat IRA distribution as income

[Brad Morrison]

Hi Bob/GnuCash users, 

This may seem basic, but is your IRA
(https://en.wikipedia.org/wiki/Individual_retirement_account)
traditional or Roth? 

IRAs can be taxed at the contribution stage or at the withdrawal stage. 

https://www.pacificpremiertrust.com/individual-investors/self-directed-ira-sdira.html
- some people that use GNUCash may also be interested in a self directed
IRA... 

---
Thanks, 

Brad - https://www.facebook.com/brad.morrison.12327/ &
https://norcal.social/@BradMorrison 

On 2024-12-26 23:34, Sherlock wrote:

> The approach we have been using successfully is to include a balanced split pair in the distribution transaction with a deposit against Income:Deferred account and a withdrawal against Income:Deferred:<IRA account> where <IRA account> is the name of the IRA account within Assets.  The Income:Deferred:<IRA account> account is set as "Tax Related" with "F1099-R  IRA total dist - taxable".
> 
> On 12/26/24 8:30 PM, Bob Plantz wrote: 
> 
>> I realize that an IRA distribution is not income, but the (USA) IRS treats it as income. My IRA is in a mutual fund, and I sell shares to create a distribution. The bulk of the money from that sale goes into my bank account, another portion goes to the IRS for withholding tax, and the third portion to my state withholding tax.
>> 
>> How do I get gnucash to treat the total cash distribution as income? I've been using gnucash since 1997 and have never been able to figure out a good way to do this.
>> 
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