IRA Distributions


C

camaz

I have an IRA invested in a mutual fund. When I take the required minimum
annual distribution, I have been entering this as a "Remove Shares"
transaction. Is there a smarter, or more 'legitimate', way to do it?
Secondly, since I also have a regular account in the same mutual fund, the
stock symbol is already used - is there a way to make Money also recognize
that same symbol for the IRA investment?
 
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C

camaz

Considered using "Sell", but concluded that would try to compute a capital
gain for me, whereas, since it is an IRA account, I am taxed on the
distribution as regular income. Why do you think using "Sell" would be
better?
 
C

Cal Learner-- MVP

Secondly, since I also have a regular account in the same mutual fund, the
stock symbol is already used - is there a way to make Money also recognize
that same symbol for the IRA investment?
When you enter a Buy or Sell, you should choose the same investment
that you already used in the other account, using the drop-down
list.

If you use Money 2007, there is a way to alias the two investments
together even tho you defined them separately.


Otherwise, go back and change all transactions for the same
investment to use the same investment. You may need some help with
that process.
 
C

camaz

Since I'm now 'over the hill', there won't be any further buy/sell activity
in the IRA account, only Short and Long term capital gains distributions,
and the annual minimum required distribution. It is important to me to keep
the two accounts separate, even if I have to manually enter price changes in
the second account (as I have been doing). I'm still using Money 2004
Deluxe.
 
D

Dick Watson

My choice of Sell reflects how it will be reported for performance. You did
have a capital gain. It just isn't taxed that way. My suspicion (don't know)
is that the Retirement Account setting for the account should change
behavior for Tax Estimator and maybe the tax reports. I'd test it to be
sure. At any rate, your trustee will provide better tax reporting
information than Money ever will, no matter what it does with the Sell.
 
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J

jmike-n

I have been selling within the account and then transfering the proceeds to
another account. This works well evcept I cannot figure out how to assign
both the transfer and the IRA distibution tax category to the same
transaction. Any ideas?
 
D

Dick Watson

Use the "another account" account name in the Transfer field for the Sell
Investment Transaction?
 
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M

Michael Gordon

It will compute a capital gain - because there is one - but the proceeds
will go to the "contributions" or "cash" side of your IRA account. When the
money then leaves that account, it then becomes a distribution taxed as
regular income. So, configure the transfer to account for that.
 

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