[GNC] How to treat IRA distribution as income

[Stan Brown (using GC 4.14)]

On 2024-12-27 08:36, Bob Plantz wrote:
> It's a traditional IRA. I also have a 403(b). I'm taking required
> minimum distributions from both.
> 
> I have an asset account and a "dummy" account for each. When I take an
> RMD, I create an income transaction that shows where the money goes:
> checking account, federal withholding, and state withholding. Then I
> create a withdrawal in the asset I'm taking the RMD from and deposit
> that withdrawal in the corresponding dummy account.
> 
> This hack seems to work, but it doesn't feel right to me because it
> seems to violate the double-entry principle.

I think you're being too hard on yourself. Except for the terminology,
what you say above sounds to me a lot like Sherlock's method.

Your dummy account means you don't have to do a "Find" in your asset
account to locate the distributions.

Stan Brown
Tehachapi, CA, USA
https://BrownMath.com