Retirement Income: IRA Distributions

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?


0
ronboyd (4)
3/29/2008 12:09:22 PM
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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?
|
|

0
3/29/2008 1:39:17 PM
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?
> |
> |
> 

0
ronboyd (4)
3/29/2008 2:44:32 PM
In microsoft.public.money, Ron Boyd wrote:

>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?

You could use that to enter a deposit transaction into your checking
account for the amount of the distribution. You would need to also
add a Payment transaction from your IRA.

It would be nice if Money were to make a transfer from IRA to a
non-retirement account to be the equivalent so that the income tax
estimator would pay attention, but it doesn't.
0
via_newsgroup (13114)
3/29/2008 4:07:35 PM
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?
| > |
| > |
| >
|

0
3/29/2008 4:27:20 PM
Cal,

I am unsure how that would work. I make a deposit of funds from nowhere and 
then make a payment to nowhere in a different account to balance things out?

(I am beginning suspect the RI:ID category is a "Red Herring" that is 
designed purely and simply to further confuse the user.)

What am I missing?


"Cal Learner-- MVP" <via_newsgroup@please.tnx> wrote in message 
news:j4qsu3put666majv0ku4i9kpl90f4dedr4@4ax.com...
> In microsoft.public.money, Ron Boyd wrote:
>
>>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?
>
> You could use that to enter a deposit transaction into your checking
> account for the amount of the distribution. You would need to also
> add a Payment transaction from your IRA.
>
> It would be nice if Money were to make a transfer from IRA to a
> non-retirement account to be the equivalent so that the income tax
> estimator would pay attention, but it doesn't. 

0
ronboyd (4)
3/29/2008 4:54:34 PM
In microsoft.public.money, Ron Boyd wrote:

>Cal,
>
>I am unsure how that would work. I make a deposit of funds from nowhere and 
>then make a payment to nowhere in a different account to balance things out?

That's what I was suggesting.

>
>(I am beginning suspect the RI:ID category is a "Red Herring" that is 
>designed purely and simply to further confuse the user.)

I am sure that was not the purpose. If you don't like a category,
either Delete or ignore it.


>
>What am I missing?

You seem to have things under control.


>
>
>"Cal Learner-- MVP" <via_newsgroup@please.tnx> wrote in message 
>news:j4qsu3put666majv0ku4i9kpl90f4dedr4@4ax.com...
>> In microsoft.public.money, Ron Boyd wrote:
>>
>>>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?
>>
>> You could use that to enter a deposit transaction into your checking
>> account for the amount of the distribution. You would need to also
>> add a Payment transaction from your IRA.
>>
>> It would be nice if Money were to make a transfer from IRA to a
>> non-retirement account to be the equivalent so that the income tax
>> estimator would pay attention, but it doesn't. 
0
via_newsgroup (13114)
3/29/2008 5:16:43 PM
I just use Miscellaneous: Adjustment to get rid of the proceeds in the 
Contributions account, then use Paycheck with the Retirement Income: IRA 
Distributions to put the money to the account where I deposit the check. It's 
messy but it works for the income accounting. You need to ignore Transfers 
when you do Monthly Reports. 


"Ron Boyd" wrote:

> Cal,
> 
> I am unsure how that would work. I make a deposit of funds from nowhere and 
> then make a payment to nowhere in a different account to balance things out?
> 
> (I am beginning suspect the RI:ID category is a "Red Herring" that is 
> designed purely and simply to further confuse the user.)
> 
> What am I missing?
> 
> 
> "Cal Learner-- MVP" <via_newsgroup@please.tnx> wrote in message 
> news:j4qsu3put666majv0ku4i9kpl90f4dedr4@4ax.com...
> > In microsoft.public.money, Ron Boyd wrote:
> >
> >>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?
> >
> > You could use that to enter a deposit transaction into your checking
> > account for the amount of the distribution. You would need to also
> > add a Payment transaction from your IRA.
> >
> > It would be nice if Money were to make a transfer from IRA to a
> > non-retirement account to be the equivalent so that the income tax
> > estimator would pay attention, but it doesn't. 
> 
0
4/2/2008 5:41:01 PM
It's important to remember that some canned categories do more than
merely group income or expenses.

The Retirement Income: IRA Distributions category, for instance, is
configured so that data will be properly exported to your tax software
for your 1099R reporting.

Additional info:
http://umpmfaq.info/faqdb.php?q=189


"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?
 

0
Brent
4/3/2008 4:50:10 AM
Thanks so much, I have been battling with this issue for months on how to get 
this to show up in the correct areas. I guess I was trying to make it to 
complicated. 
-- 
ct


"Cal Learner-- MVP" wrote:

> In microsoft.public.money, Ron Boyd wrote:
> 
> >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?
> 
> You could use that to enter a deposit transaction into your checking
> account for the amount of the distribution. You would need to also
> add a Payment transaction from your IRA.
> 
> It would be nice if Money were to make a transfer from IRA to a
> non-retirement account to be the equivalent so that the income tax
> estimator would pay attention, but it doesn't.
> 
0
CT (8)
5/1/2008 5:47:46 AM
Reply:

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