Witholding taxes and RIF payments

gsbaker

Payments from a RIF account have income taxes withheld. I have been entering these as 2 separate transactions - the first transaction for the "net amount" as a "Withdraw" transaction; and the second as a "WHTX" transaction (for the * Cash security) for the amount of tax witheld. However, the "Deposits" report only shows the first transaction and NOT the witholding tax - and as such is effectively under-reporting the amount of funds withdrawn from that account (total amount withdrawn is the sum of money these 2 transactions). Is there an easy way of having the "gross" amount withdrawn from RIF/LIF accounts (i.e. net amount plus witholding taxes) in the Deposit report?

Thanks
Gary

VidasMatelis

Hi Gary,

This type of transaction is not implemented "naturally" in PS.
I would have one "Gross" withdrawal amount so that you can probably track your actual withdrawals, but then you would loose ability to track witholding taxes.

gsbaker

Ok. So what I did was I duplicated the Deposit/Withdrawal pivot table(s) and changed the duplicate table to show the measure "Witholding Taxes Paid" (insead of "Deposits"). I then re-built the "report" section, using formulae, to add the Deposits and the (negative) Witholding Taxes to get back to the "gross" amount withdrawn. I had to filter the Witholding Taxes Paid pivotTable to my "Pension" accounts (which I defined to a separate Portfolio) as those are the only accounts I have where withdrawn funds have witholding taxes.

VidasMatelis

It is good that you were able to customize reports to your liking - that is what PS is all about!