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FAQ: Best way to handle distributions from IRA

Ed SowellEd Sowell Member
edited January 2019 in FAQ'S (Windows)
Recently started with RMD from my IRA, with the withdrawals taken from a MM fund. After withholding for state & federal taxes, the net is transferred to a non-IRA MM acount at the same investment company. For each withdrawal 2 transactions are downloaded to Quicken 2010 from my investment company: the total shows up as a normal withdrawal from the IRA MM account, and the net amount as deposit in the non-IRA MM account. The problem with doing it this way is that Quicken has nothing reflecting the Income or withholding as it would if I had received the distribution as a paycheck.

What's the best way of handling this? The method I can think of requires deleting the downloaded transactions each month and create some new ones that will keep the Quicken IRA and nonIRA in agreement with the paper statements, but also mimic a paycheck, so to speak. Is there a better way?

TIA

Comments

  • Ed SowellEd Sowell Member
    edited February 2019

    JM,
    Thanks. Just getting back to this.

    Correct me if I'm wrong, but don't I have to also execute a Sell transaction in the IRA? Otherwaise, the cash balance goes negative when I do the deposit. And it seems that I'll have to do a Buy in the Non-IRA account to keep the cash balance at 0.

    Maybe I wasn't clear on what I'm doing. The distribution is from a MM fund in my IRA and the net amount goes into a MM fund in my non-IRA.

    Ed

  • J_MikeJ_Mike SuperUser ✭✭✭✭✭
    edited December 2018
    "Correct me if I'm wrong, but don't I have to also execute a Sell transaction in the IRA? Otherwise, the cash balance goes negative when I do the deposit. And it seems that I'll have to do a Buy in the Non-IRA account to keep the cash balance at 0."

    You've got it!
    QWin & QMac (Deluxe) Subscription
    Quicken user since 1991

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