tag:infinitekind.tenderapp.com,2009-01-14:/discussions/budgeting/45-can-infinitekind-please-help-on-ira-distributionsInfinite Kind: Discussion 2018-03-17T11:03:40Ztag:infinitekind.tenderapp.com,2009-01-14:Comment/364645152015-04-03T20:00:04Z2015-04-03T20:00:04ZCan InfiniteKind please help on IRA Distributions!<div><p>Just got a response from Tom at InfiniteKind. There is no way to
do this in MD, according to him.</p>
<p>This is a major program flaw. What is the purpose of having a
budget with INCOME from an IRA distribution when you can never,
ever assign any income to it?</p>
<p>So now you have an IRA and want to withdraw funds for INCOME.
What MD is saying is that there is no way to properly account for
this in MD. I cannot show any income at all when I take a
distribution, so the Budget is worthless as all I have is expenses.
Do you understand how futile that is?</p>
<p>This really needs to be fixed, or there needs to be some type of
work-around.</p></div>montytag:infinitekind.tenderapp.com,2009-01-14:Comment/364645152015-04-03T20:14:13Z2015-04-03T20:14:13ZCan InfiniteKind please help on IRA Distributions!<div><p>I believe I offered a viable workaround in your other post by
using a deposit transaction to record the income and a dummy
category to decrease, or account for, the reduction in the IRA</p>
<p><a href="http://help.infinitekind.com/discussions/general-questions/18613-how-do-you-handle-ira-distributions">
http://help.infinitekind.com/discussions/general-questions/18613-ho...</a></p>
<p>Des</p></div>dwgtag:infinitekind.tenderapp.com,2009-01-14:Comment/364645152015-04-03T20:56:21Z2015-04-03T20:56:22ZCan InfiniteKind please help on IRA Distributions!<div><p>Yes, and I asked for clarification because I cannot get it to
balance out. So my DUMMY account has an ever increasing balance.
Here is what I did:</p>
<p>IRA Account -> Transfer to DUMMY (e.g. $1000)</p>
<p>DUMMY Account -> Transfer to checking ($800)<br>
Transfer to taxes ($200) Retirement Income: IRA Distribution
($1000)</p>
<p>I need the last category to get it in the budget as income, but
that now leaves a $1000 transaction balance in the DUMMY account. I
could zero it by sending $1000 to another dummy account, but that
would be worthless.</p>
<p>So I was asking for clarification on how you get things to zero
out.</p>
<p>Monty</p></div>montytag:infinitekind.tenderapp.com,2009-01-14:Comment/364645152015-04-03T21:03:44Z2015-04-03T21:03:44ZCan InfiniteKind please help on IRA Distributions!<div><p>I never get it to zero out, it is a category I was suggesting to
use rather than an account and it is one that you never use
anywhere else so it doesn't matter what value it has, it is just a
bucket used to get the right transaction on the other side.</p>
<p>I use such categories to work with taxation numbers to get that
reporting working.</p>
<p>Des</p></div>dwg