Quicken for Mac needs a wizard to handle two types of IRA withdrawals (29 Legacy Votes)

ozarkcanoer

Quicken for Mac 2017 needs a wizard to handle two types of IRA withdrawals.

One is a IRA to Roth IRA conversion withdrawal. The whole amount converted is taxable but the amount  transferred into the tax-free Roth IRA account is less any withholding for taxes to IRS or State.

The second is a RMD (Required Minimum Distribution) withdrawal; the amount transferred goes to a taxable account less any withholding for taxes to IRS or State.

It's time-consuming for users to remember what steps to take, especially for the conversion to Roth IRA but a programmed process is simple.

RMDs are common for all taxpayers with IRAs.  Conversions from IRAs to Roth IRAs probably are not as common but still needed so the 1009-R information is produced correctly.

cneal

The RMD wizard should be able to handle transfer of assests as part of the RMD.

Unknown

You have my vote.  Work around is easy but should be handeled from within the IRA account.

Tom Strange

Got my vote also. I'm struggling with handling my RMD. What is the easy workaround?

jacobs

Got my vote also. I'm struggling with handling my RMD. What is the easy workaround?

Enter your RMD as a Sale in the IRA account, producing a cash balance. Then enter a transaction to transfer that cash to the account which was the destination of your RMD. If that was a cash account, like a checking or savings account, you're done. If that account was another investment account (including a money market fund), then do a Buy transaction to reflect what you purchased.

If you had your financial institution withhold taxes on your RMD, then the transfer transaction I describe above become a split transaction: the full amount is the amount of your RMD withdrawal, the tax withheld goes to your federal (and/or state) tax category, and the remaining balance goes to the transfer account.

cneal

The RMD wizard should handle transfer of stocks and bonds as part of the RMD.

ninaz

This also needs to deal with QCD Qualified Charitable Deduction from an IRA. That is money given directly from an IRA to a charity. Currently it shows up as cash in your account and does not show where the money has gone or deduct the amount from net worth.

ozarkcanoer

Disappointed that 2 years has passed without Quicken Mac getting this enhancement.  There must be plenty of users who are required to take RMDs annually.

jacobs

@ozarkcanoer They could build an "RMD Wizard" to make it easier or more straightforward, but is there something that you simply cannot accomplish currently? My post 4 above this from last year explains how, for most users taking a RMD, you can enter what happened in Quicken.

The developers have a list of hundreds of feature requests, and most of the larger ones they seem to tackle are for things Quicken Mac cannot do instead of enhancing how to do things it can already do. We could have 50 users post what they think are the most important issues and not have any agreement, so the developers have to figure out which things will have the broadest impact or solve the most egregious problems.

ozarkcanoer

@jacobs What you wrote is one view.   I do RMDs for three accounts yearly by using the manual process cheat-sheet which you so kindly outlined but since I don't have any other update request for Quicken that's higher priority I'm still disappointed.

Now if they created a scripting tool - that might allow me to do the work for RMD steps once to reuse and would help others with different issues.  Is that on their list of hundreds?  

I don't mean to argue with the person who did make things easier for me three times a year. Cheers

jacobs

@ozarkcanoer And I didn't mean to suggest your desire for this functionality isn't valid or important. If it came across that way, I apologize. What I was trying to do was explain that among the many things the community of Quicken Mac users have asked for, the developers have prioritized functionality that has no work-around and/or that a large number of users have been clamoring for.  I can't say you shouldn't be disappointed if this is something you really want; I can only try to explain why. And I assure you, I and many fellow Quicken Mac users share with you frustration that the developers haven't been able to make progress on more features over the past few years.

ozarkcanoer

@jacobs We are good. And united by using software that would be hard to lose and so happy that Quicken can now set their own course for the future.
 
I used to work for a software company that had had a couple different large corporate owners, and for a too brief period was independent with a venture capital firm that had invested.  Now it's back as a division of an international company.  Better to be the decision makers. GO Quicken!