Certainly the marking could be by subtree placement rather than a boolean at
the account level, assuming we all don’t mind rearranging our accounts into
deferrred pretax and normal post tax subtrees.
On Saturday, April 3, 2021, 02:38:43 PM EDT, David Carlson
<[email protected]> wrote:
It seems that nearly all these replies ignore the fact that that the tax
report has a feature that allows the user to associate certain accounts with
certain US tax forms. It even allows association with specific copies of some
forms like 1099s.
This is on top of user creativity in account naming or COA structure.
I think the OP was referring to that report in his question.
Depending on which itch needs scratching, there are many solutions available.
On Sat, Apr 3, 2021, 12:11 PM David G. Pickett <[email protected]> wrote:
Transfers can be made in and out of tax deferred accounts. Assigned is not a
verb that triggers any GNUCash functionality I am aware of. I am suggesting
that:
- US Income Tax Deferred accounts have an attribute that identifies them.
- When money is put transferred from not deferred or cash in, it is a
taxable income deduction on the tax report.
- When it is taken out to an account not tax deferred or cash, it is
retirement income on the tax report.
- If money or shares are moved from one tax deferred account to another, it
is a rollover and should be ignored by the tax report.
The implications for US state tax and other nations vary.
One weakness of GNUCash and some similar software is that transfers that are
tax affecting (or otherwise categorical) are not allowed to have a category
like expenses and income in cash flow. If I was tracking multiple customer
accounts, for instance, cash movements between them should be labeled:
corrections, trading, gift, etc., but perhaps that is beyond the scope of
GNUCash.
-----Original Message-----
From: David Carlson <[email protected]>
To: David G. Pickett <[email protected]>
Cc: [email protected] <[email protected]>
Sent: Fri, Apr 2, 2021 2:53 pm
Subject: Re: [GNC] Tax deferred account transfers suggestion
I am not able to confirm right now but IIRC it is already possible to assign
transfers from tax advantaged accounts as well as other accounts that trigger
1099s in the US to the respective forms in the tax report.
On Fri, Apr 2, 2021 at 1:45 PM David G. Pickett via gnucash-user
<[email protected]> wrote:
It'd be nice if the transfers from tax deferred accounts (401k, IRA) to not tax
deferred showed as taxable income on the tax report. Reverse transfers might
also be listed as tax deductions.
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