GnuCash doesn't make those decisions, they are up to the taxpayer. GnuCash can add up the transactions as the taxpayer has identified.
On Tue, Apr 6, 2021, 3:44 PM Charlie Morrison <sai...@bellsouth.net> wrote: > > >> On Apr 6, 2021, at 10:55 AM, Michael or Penny Novack < > stepbystepf...@comcast.net> wrote: > >> > >> On 4/5/2021 8:57 PM, David Carlson wrote: > >>> David P, > >>> What verb would you use to declare that transactions in or out of a > >>> particular account should appear in a tax report as part of the total > that > >>> should appear, for example, on a certain line on form 1099-R from a > certain > >>> custodian. The tax schedule report assigns, associates, links or > somehow > >>> picks out which transactions create the list of transactions that > should be > >>> included on whichever line of whichever form to be reported to the U.S. > >>> IRS. The user should have created a certain income account to identify > >>> cash moves from a tax deferred asset account to a current asset > account, > >>> which should appear on a certain 1099-R form, linked to that form in > the > >>> tax report, and those transactions appear on that line in the tax > report. > >> I am going to repeat. Not that simple. Distributions from a "regular" > IRA would be simple (since all contributions were pre-tax). That is not > true for a 401K which might have had most contributions pre-tax but MIGHT > have also had post-tax contributions. All contributions to a Roth IRA are > post-tax. > >> > >> That means all distributions from a regular IRA are taxable income. > >> > >> Most distributions from a 401k are taxable income (but a portion of a > distribution might not be). AFAIK, most administrators of a 401k will get > the non-taxable money out first so only needing to cope with one mixed > distribution and from then on entire distribution taxable. The statements > you get for a 401k usually show what part (if any) of the contribution > balance is post-tax. > >> > >> Most distributions from a Roth IRA are mixed, part taxable, part not. I > do not know what administrators of a Roth do. I don't know what statements > from a Roth look like. > >> > >> Michael D Novack > >> > > ROTH IRA’s use after tax contributions only, therefore any distribution > from a ROTH IRA is non-taxable. There is nothing that is mixed. You can > convert standard IRA’s into a ROTH IRA but you will have to pay taxes on > any funds converted to the ROTH IRA. If you’re good at investing you can > make a boatload of non-taxable money using a ROTH IRA. > > > > Ken Schneider > > It is generally true that a distribution from a Roth is not taxed unless > the distribution happens before the recipient is 59 and 1/2 years old or > if the account has been in existence for less than 5 years. In that > case, any earnings in the account are taxed plus I believe a penalty. > > In addition, a distribution from a "regular" (Traditional) IRA that > contains both before and after tax money is prorated based on the > percentage of each in the account. > > _______________________________________________ > gnucash-user mailing list > gnucash-user@gnucash.org > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > If you are using Nabble or Gmane, please see > https://wiki.gnucash.org/wiki/Mailing_Lists for more information. > ----- > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. > _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.