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  #4  
Old 08-10-2004, 05:48 PM
Dick Watson
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Posts: n/a
Default Re: Large cash windfall -where do I put it and how?

You can reallocate unspent budget, but I don't think there is any way to
reallocate an actual. I get to the same place: this is a completely
explainable variance. The goal of budget planner isn't to hit $0--it's to
help you see what it takes to do it or why you might not have.

"Suelynn" <anonymous[at]discussions.microsoft.com> wrote in message
news:390301c47ef0$aec20c20$a601280a[at]phx.gbl...
- quote -

> OK if I enter it as a one time income item for the month
> we received it, it made that months budget look great but
> is there any way to transfer some of it to the following
> month when the bill is entered as paid instead of being
> 20,000 over budget???



  #3  
Old 08-10-2004, 03:42 PM
Suelynn
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Default Re: Large cash windfall -where do I put it and how?

OK if I enter it as a one time income item for the month
we received it, it made that months budget look great but
is there any way to transfer some of it to the following
month when the bill is entered as paid instead of being
20,000 over budget???

- quote -

> -----Original Message-----
> I think you do want to use some income category--you can

setup one that does
> not report on tax reports. It is income. It will make

your budget look GREAT
> in one month. (Or, you can use a category that is

excluded from the budget
> and then the income won't show in the budget at all.) At

any rate, things
> like this that you can explain and understand and react

to are exactly the
> kinds of out-of-normal phenomena that you want BP to tell

you about. For
> instance, in this case, you don't want to start assuming

that this is income
> you can regularly count on.
> "Suelynn" <anonymous[at]discussions.microsoft.com> wrote in

message
> news:2d4901c47e36$17a6fd10$a501280a[at]phx.gbl...
> > Help! This is really confusing to me-nothing I do seems

to
> > make sense in the reports or budget. Here's the

situation..
> > > Grandpa put land in my mothers name for us 2 kids. She

> > sold the land, mother took out capital gains and gave us
> > our shares. i used that money to pay off some bill. No
> > matter which way I enter it in Money, things don't make
> > sense.
> > > If I enter it as one time income, it shows up as income

> > for taxes, which I don't want. When I put it in

a "dummy"
> > account and pay bills from there by transferring money

it
> > throws off my budget.
> > > Any ideas????
> > > .

  #2  
Old 08-10-2004, 04:30 AM
Ion Control
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Posts: n/a
Default Re: Large cash windfall -where do I put it and how?

You can tell Money to ignore certain transactions when it estimates taxes.
I think when you go to the "advanced" view in Tax Estimator, there's an
option to leave out certain incomes. I would classify it as "Other Income:
Gifts Received" or make up your own category and then take it out of the tax
estimation scheme...

BTW Depending on the size of the windfall, be sure to document taxes paid on
the sale carefully. I think the maximum legal limit for a cash gift from
one individual to another is $11,000/year. Anything above this must be
declared (Form 709 I believe) and ?the giver? is subject to taxation. Of
course, if you meant your mother took this tax out before she passed the
money along to you, I believe you're fine, though it might be wise to drop
the IRS a letter detailing the transaction and that the taxes have been duly
paid/reported (there's a special form for this kind of "note" too, but I
can't remember it).

"Suelynn" <anonymous[at]discussions.microsoft.com> wrote in message
news:2d4901c47e36$17a6fd10$a501280a[at]phx.gbl...
- quote -

> Help! This is really confusing to me-nothing I do seems to
> make sense in the reports or budget. Here's the situation..
> Grandpa put land in my mothers name for us 2 kids. She
> sold the land, mother took out capital gains and gave us
> our shares. i used that money to pay off some bill. No
> matter which way I enter it in Money, things don't make
> sense.
> If I enter it as one time income, it shows up as income
> for taxes, which I don't want. When I put it in a "dummy"
> account and pay bills from there by transferring money it
> throws off my budget.
> Any ideas????



  #1  
Old 08-09-2004, 06:14 PM
Dick Watson
Guest
 
Posts: n/a
Default Re: Large cash windfall -where do I put it and how?

I think you do want to use some income category--you can setup one that does
not report on tax reports. It is income. It will make your budget look GREAT
in one month. (Or, you can use a category that is excluded from the budget
and then the income won't show in the budget at all.) At any rate, things
like this that you can explain and understand and react to are exactly the
kinds of out-of-normal phenomena that you want BP to tell you about. For
instance, in this case, you don't want to start assuming that this is income
you can regularly count on.

"Suelynn" <anonymous[at]discussions.microsoft.com> wrote in message
news:2d4901c47e36$17a6fd10$a501280a[at]phx.gbl...
- quote -

> Help! This is really confusing to me-nothing I do seems to
> make sense in the reports or budget. Here's the situation..
> Grandpa put land in my mothers name for us 2 kids. She
> sold the land, mother took out capital gains and gave us
> our shares. i used that money to pay off some bill. No
> matter which way I enter it in Money, things don't make
> sense.
> If I enter it as one time income, it shows up as income
> for taxes, which I don't want. When I put it in a "dummy"
> account and pay bills from there by transferring money it
> throws off my budget.
> Any ideas????



 
Old 08-09-2004, 06:03 PM
Cal Learner-- MVP
Guest
 
Posts: n/a
Default Re: Large cash windfall -where do I put it and how?

In microsoft.public.money, Suelynn wrote:

- quote -

> Any ideas????

Patience.
  #-1  
Old 08-09-2004, 05:27 PM
Suelynn
Guest
 
Posts: n/a
Default Large cash windfall -where do I put it and how?

Help! This is really confusing to me-nothing I do seems to
make sense in the reports or budget. Here's the situation..

Grandpa put land in my mothers name for us 2 kids. She
sold the land, mother took out capital gains and gave us
our shares. i used that money to pay off some bill. No
matter which way I enter it in Money, things don't make
sense.

If I enter it as one time income, it shows up as income
for taxes, which I don't want. When I put it in a "dummy"
account and pay bills from there by transferring money it
throws off my budget.

Any ideas????


 

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cash, large, put, windfall
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