[GNC] Retirement funds accounting rule

[Adam H. Kerman]

3:01am -0000 06/11/26 Adam H. Kerman <ahk at chinet.com> wrote:

>If I set up books in gnucash according to tax law, if I'm accounting for an 
>IRA, when RMD is known, I enter it as a liability which gets reduced with 
>each distribution. I have to show both the asset transfer between the IRA 
>account and checking account AND ordinary income from the distribution. If 
>there is witholding from the distribution, then that reduces the tax 
>liability and is not shown as an asset transfer.

Oops. Withholding is a tax payment expense too in addition to reducing the 
tax liability!