Ken
Sat Mar 29 11:27:20 CDT 2008
Ron, your reworded query is beyond my knowledge of how Money handles this
type of transaction.
Ken
"Ron Boyd" <ronboyd@qwest.net> wrote in message
news:F637C788-48E0-4B45-813B-024DB1E5A5D0@microsoft.com...
| Yes, but... that wasn't my question. You are correct, however. I should
have
| set up the question better.
|
| I have an IRA account. I wish to withdraw funds (take a distribution). My
| solution (based upon the "Income from Tax-Deferred Retirement
| Account" thread) is to:
|
| 1. Transfer the funds from the IRA Account to the associated
(Contribution)
| Account.
| 2. Using the "Paycheck" function, transfer the funds from the
(Contribution)
| account to a Checking Account.
|
| The problem with this is, of course, that it does not register as "Income"
| and thus does not play a role in, for instance, "Income Tax estimating" as
| well as other irritations involved in a "non-Income" Income transaction.
|
| If I use the "Retirement Income: IRA Distributions" category under "Wages"
| in the Paycheck function, the funds are correctly assigned to Income.
| However, I find no way to (in that simple transaction) remove the funds
from
| the IRA Account thus the Account Balance is not adjusted properly.
|
| Just to cover all bases: I understand that Money (for whatever reason)
does
| not consider funds transfered from a tax-deferred account as income.
| Nevertheless, the IRS does and, as such, expects me to correctly calculate
| the tax liability. I expect MS Money to help with that job and not make me
| resort to a legal pad.
|
| So to rephrase my (2-part) question:
|
| What is the purpose of the "Retirement Income: IRA Distributions" category
| and how does one use it in Microsoft Money?
|
|
| "Ken" <PleaseReply@NewsGroup.Thanks> wrote in message
| news:%23IwxwIakIHA.980@TK2MSFTNGP06.phx.gbl...
| > Perhaps you might want to acquire IRS publication 590.
| >
| > When a person reaches age 70 and retired they should take required
minimum
| > distribution (RMD), else huge 50% or more penalty.
| >
| > I would start with the publication.
| >
| > Ken
| >
| > "Ron Boyd" <ronboyd@qwest.net> wrote in message
| > news:2BA1182C-ADD2-4E5D-9A64-9B303511E7C8@microsoft.com...
| >
| > | I asked this question within the "Income from Tax-Deferred Retirement
| > | Account" thread over a month ago but received only silence. So let me
| > try
| > it
| > | a a stand-alone question:
| > |
| > | What is the purpose of the "Retirement Income: IRA Distributions"
| > category
| > | and how is it used?
| > |
| > |
| >
|