Recording 401k and IRA withdrawals as income

pbuchta's Avatar


19 May, 2021 12:05 PM

So there have been some discussions relating that due to the nature and construction of MD this cannot be done. I agree with the current architecture of MD and why this cannot be implemented into the overall program itself. Reporting certain transactions from capital accounts can be different than straight I&E reporting. It depends on what the reports are required to show. What should be able to be obtained, just in this specialized type of I&E reporting, are withdrawals from these investment accounts and list them as income just within the report itself. Of course, this would not help the budgeting part of the program, and under the current architecture, would need some sort of additional extension.

Currently, we can show investment interest and expenses in the current I&E reports, but withdrawals as income are left totally out of the picture.

  1. 1 Posted by Stuart Beesley ... on 19 May, 2021 12:21 PM

    Stuart Beesley (Mr Toolbox)'s Avatar

    If I want to report an event to appear on MD expense reports - e.g. capital gains - I just add a fake transaction for the capital gain (for example) with the offset account against a fake category that I exclude from all reporting...

    (not support, just a fellow user)

  2. 2 Posted by mhoggie on 19 May, 2021 01:06 PM

    mhoggie's Avatar

    just a user,

    x2, I use fake/null categories all the time to work around some MD limitations. Easy to exclude from reports.

  3. System closed this discussion on 18 Aug, 2021 01:10 PM.

  4. pbuchta re-opened this discussion on 24 Aug, 2021 02:22 PM

  5. 3 Posted by pbuchta on 24 Aug, 2021 02:22 PM

    pbuchta's Avatar

    To conclude what I have done is created two transactions, one in each account, with two different categories. In my checking account I’ve created the category Retirement Income. In my IRA account I’ve created the category IRA Withdrawals. I’ve been able to keep the I&E monthly reports showing just the income into the checking account, while omitting the IRA Accounts from the report. I use the investment performance reports to show gains and losses from investments. Keeping the reports separate allows me to show taxable income and acctual living income and expenses in th I&E reports. There is no reason to include investment losses and gains in the I&E reports. Investment losses and gains show up in the investment reports and investment graphs.

  6. System closed this discussion on 23 Nov, 2021 02:30 PM.

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