Need help with an inherited IRA distribution
I have a messed up set of transactions in my register and I need help to fix them.
I have an inherited IRA from my father who passed away. Since he was taking distributions from that IRA, the IRS requires me to take an annual distribution from that account each year. Once the distribution has been made, Edward Jones Investments retains 25% of the distribution to pay the taxes on the distribution. The remaining 75% of the distribution is invested in a non-IRA mutual fund with Edward Jones.
This year when I downloaded the transactions into Quicken from Edward Jones, I believe that Quicken messed things up a bit and I can't seem to figure out what to do. Here's what I have in my register right now:
Transaction 1 - A Sell transaction of 469.787 shares at a price of 10.330001 per share for a total sale of $4,852.90. This transaction seems to be OK.
Transaction 2 - The action says withdraw but when you click on the transaction itself it says Buy - Shares bought still showing the account and security name but shows blank in the shares, blank in the price paid 0.00 for the commission and -1213.32 as the total cost. The description in the register it shows Federal Tax withheld and Tax/Fed. I think this transaction appears OK as well
Transaction 3. - The action again says withdraw in the register but when you open up the transaction detail it shows blank on the shares, blank on the price, zero commission and -3639.97. In the memo field it says Distribution to cash followed by an account number. When you look at the register the description says Distribution and then in the next drop down within Description it shows the name of my wife's checking account (i.e. [xxxxxx Draft 2] ) which is definitely not correct. If I try and change the second drop down list box from [xxxxx Draft 2] to something else like [Edward Jones Cash Account] I receive a message from Quicken that says "This account is not able to have a cash balance" and it will not allow me to save the transaction.
Transaction 4 - In the register the action says SoldX and when you open up the transaction detail the transaction shows the Inherited IRA in the account name, Shows the mutual fund in the security name, shows 352.710171 for the number of shares, 10.32 for the price received, zero for he commission and $3,639.97 for the total sale which matches the amount listed in transaction #3. Under Record Proceeds It says Edward Jones - Cash Account.
Now when you look at the account overview it now says that based on the results from above I have 9,157.075729 shares in the inherited IRA but if I go out to Edward Jones online it shows that I have 9,509.786 shares instead which is the exact number of shares shown in Transaction #4.
In addition to the above, the non-IRA mutual find that the money from the above transaction was to go shows no such transaction in my register and the balance in that account is understated by the $3,639.97 shown in Transaction 4 and if I look at Edward Jones online it's showing that same amount as cash.
So.... After all of the above, how do I go about fixing this so that my number of shares in my inherited IRA is correct and that my non-IRA account shows the $3,639.97 in cash?