IRA Distribution


P

P Bryant

In 2003 I turned 70 1/2 and had to start taking normal
distributions from my Traditional IRA's. Strong Funds
makes distributions by selling the shares of your mutual
funds to cover the $dollar amount distributed. When I
enter the "sell" in my portfolio, it categorizes it
automatically as a "Capital Gains" distribution, not as
an IRA distribution. Normal distributions are taxed
as "Income" not "Capital Gains". I can't seem to find a
way to remove the shares and still have Money put the
moneys in as "Income" without doing two transactions.
1) Enter an Investment Transaction and select "Remove
Shares". This will remove the shares without associating
any $dollars or category with it.
2) Then, enter a Deposit Transaction (checking account)
and categorize it as a Retirement Income:IRA Distribution.

This will put this entry on my tax reports as an "IRA
Distribution" instead of a "Capital Gain".

Does anybody have a better way to do this without doing
two transactions?
 
Ad

Advertisements

C

Cal Learner-- MVP

Does anybody have a better way to do this without doing
two transactions?
I don't know how you would do it with only one transaction. I might
use 3, because I would not feel comfortable using Remove Shares.
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Similar Threads

IRA Distributions? 4
IRA Distribution 31
IRA distribution 5
IRA Distributions 8
IRA Distribution 6
accidental IRA distribution 2
Massachusetts IRA distribution 13
Reporting IRA distributions 0

Top