Re: Newbie . . .

If it's a Roth IRA the contributions have already been taxed, so it's my
understanding that you don't have to pay additional tax on withdrawal. For
a traditional IRA (what I have), the contributions are pre-tax, so the
distributions are taxed as ordinary income.

-Gordon

On Tue, May 15, 2012 at 8:06 PM, Edward A. Melia, C.P.A./Attorney <
[email protected]> wrote:

> Randy,
>
> Generally, all distributions from IRAs are taxable income.  But, if you
> set up the IRA accounts in MD at their current market values then, you ha=
ve
> already recorded the income (don't know where).  So, a $1,000 distribution
> from an IRA is merely a reduction of that account and an increase in the
> bank account containing the deposit.  If the IRA is not set up in MD then,
> the $1,000 deposit needs to be offset by recording income of $1,000.
>
> I don't have your situation since I don't track my retirement accounts in
> MD.
>
>  Ed Melia, Sacramento, CA
>
>
> On 5/15/2012 12:02 PM, Randy Tipton wrote:
>
>> I have in the last week downloaded MD and populated it with my accounts.=
 I
>> was able to import my bank and credit card account from Ace Money without
>> too much trouble. After the import we probably spent 5 hours getting all
>> the
>> categories, tags and reminders set the way we wanted them.
>>
>>
>>
>> I had no success importing my investments from Ace Money so I chose to
>> enter
>> them by hand losing all the prior data and now with a new starting point.
>> I
>> did not consider that too big a deal since in AM there is little value in
>> historical records for investments accounts so I didn't lose much from
>> where
>> we were.
>>
>>
>>
>> After doing all that we studied the application features and chose to get
>> a
>> license with only 30 more manual entries remaining. I really like the lo=
ok
>> and feel of md.
>>
>>
>>
>> I do have some questions relating to how to properly set up monthly (set)
>> distributions from two IRA accounts. I can set them up with reminders
>> without any problem, what I have not been able to set them up where they
>> will show  as income in my budget. As they are set up they do not appear
>> on
>> the homepage as income or the other income reports. Xfr of dividends from
>> my
>> other non-IRA accounts do show up as income.
>>
>>
>>
>> I am thinking this might be the way it is supposed to work since IRA
>> distributions are not "income"?
>>
>>
>>
>> Anybody have any solutions or suggestions?
>>
>>
>>
>> Randy
>>
>>
>>
>>
>>
>> From:
>>
>> Randy Tipton
>>
>> 778 CR 123
>>
>> Edna, Tx 77957
>>
>>
>>
>> Personal Bible Study I would like to share with you.
>>
>> http://www.ykc.com/wa5ufh/**Studies/Study_Start.htm<http://www.ykc.com/w=
a5ufh/Studies/Study_Start.htm>
>> "Come&  See" My invitation for you, this is important !
>>
>> http://www.iftruthbetold.org/**PDF/Come%20And%20See%20%28G.%**
>> 20Elkins%29.pdf<http://www.iftruthbetold.org/PDF/Come%20And%20See%20%28G=
.%20Elkins%29.pdf>
>>
>>
-- =


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*Gordon Alley **|**http://www.gordonalley.com|
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