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Subject Author Date
recording an IRA Maintenance Fee? D T W .../\... 08-21-2007
Posted by D T W .../\... on August 21, 2007, 9:09 pm
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 Let's say that I was charged a $10 fee, paid for by a sale of .5 units of
the fund. How should I record that in Premier 2007?

thanks

--
DTW .../.../.../...



Posted by John Pollard on August 21, 2007, 10:09 pm
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 "D T W .../..." wrote

> Let's say that I was charged a $10 fee, paid for by a sale of
> .5 units of the fund. How should I record that in Premier
> 2007?

Sell .5 units of the fund for $10. Remove the resulting $10
cash from the account with a MiscExp transaction for $10,
categorized to "IRA Maintenance Fee" (or whatever category you
choose for that purpose).




Posted by D T W .../\... on August 22, 2007, 5:25 pm
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Thanks for the reply John. I assumed that would be the way to do it - But,
the radio button "record the proceeds", won't allow : To this accounts cash
balance. It will allow to the same or some other account on the drop down.
I have a cash account. Would you transact it there?

thanks again
--
Dave .../.../.../...

> "D T W .../..." wrote
>
>> Let's say that I was charged a $10 fee, paid for by a sale of
>> .5 units of the fund. How should I record that in Premier
>> 2007?
>
> Sell .5 units of the fund for $10. Remove the resulting $10
> cash from the account with a MiscExp transaction for $10,
> categorized to "IRA Maintenance Fee" (or whatever category you
> choose for that purpose).
>
>
>



Posted by John Pollard on August 22, 2007, 9:18 pm
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"D T W .../..." wrote
> Thanks for the reply John. I assumed that would be the way
> to do it - But, the radio button "record the proceeds", won't
> allow : To this accounts cash balance. It will allow to the
> same or some other account on the drop down.

> I have a cash account. Would you transact it there?

Are you saying you have a "linked cash account" for the IRA
investment account? Or did you originally setup the account as
a Single Mutual Fund account then "convert" it to an IRA
account? Personally, I would not want either arrangement for a
retirement account.

In any event, I think you could probably remove the cash from
the cash account with a withdrawal paid to the mutual fund
company and categorized to your "IRA fee" category.

[I agree with the other poster: better to pay retirement account
fees from non-retirement account funds. As far as I know, most
fi's will allow this, though you may have to ask them about it.
And you may have to remember to initiate the payment yourself,
keeping track of the date due and the address to mail the
payment.]




Posted by R. C. White on August 23, 2007, 9:43 am
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Hi, John.

> [I agree with the other poster: better to pay retirement account
> fees from non-retirement account funds.

I agree, too. As you know, I've often disclaimed much expertise in IRAs and
other retirement funds because so much has changed since I retired about 15
years ago. But the rule then was that fee payments made from the fund were
not currently deductible; the only tax "benefit" was that the eventual
retirement payout would be smaller, reducing the post-retirement tax bill a
little. Plan expenses paid from "outside" funds could be deducted on
Schedule A of the taxpayer's Form 1040 for the year of the payment.

I haven't heard of any change in this rule, but the taxpayer should always
check to be sure it is still current.

RC
--
R. C. White, CPA
San Marcos, TX
(Retired. No longer licensed to practice public accounting.)
rc@grandecom.net
Microsoft Windows MVP
(Currently running Vista Ultimate x64)

> "D T W .../..." wrote
>> Thanks for the reply John. I assumed that would be the way
>> to do it - But, the radio button "record the proceeds", won't
>> allow : To this accounts cash balance. It will allow to the
>> same or some other account on the drop down.
>
>> I have a cash account. Would you transact it there?
>
> Are you saying you have a "linked cash account" for the IRA
> investment account? Or did you originally setup the account as
> a Single Mutual Fund account then "convert" it to an IRA
> account? Personally, I would not want either arrangement for a
> retirement account.
>
> In any event, I think you could probably remove the cash from
> the cash account with a withdrawal paid to the mutual fund
> company and categorized to your "IRA fee" category.
>
> [I agree with the other poster: better to pay retirement account
> fees from non-retirement account funds. As far as I know, most
> fi's will allow this, though you may have to ask them about it.
> And you may have to remember to initiate the payment yourself,
> keeping track of the date due and the address to mail the
> payment.]


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