Re: [GNC] Misleading loss on money market
"Adam H. Kerman" <[email protected]>
| Newsgroups | gmane.comp.gnome.apps.gnucash.user |
|---|---|
| Message-ID | <[email protected]> |
12:31pm -0000 06/07/26 David T. via gnucash-user <[email protected]>...: >I am not an accountant. I only have retirement accounts from which I have >not yet taken distributions. >I am sure that Michael or others will correct me, but the income account >transaction should most likely be balanced by the income account that >funded the IRA originally (such as Income:Wages:Deferred or >Income:Dividends:Untaxed). No. Set up a new income account to receive the distribution. For tax purposes, the portion of wage or salary that is not deferred is earned income, subject to Social Security payroll taxes FICA & HI. At distribution, it's ordinary income and not subject to Social Security taxes. _______________________________________________ gnucash-user mailing list [email protected] To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.