Quicken Community is moving to Single Sign On! Starting 1/22/21, you'll sign in to the community with your Quicken ID. For more information: http://bit.ly/CommunitySSO
Quicken for Mac needs a wizard to handle two types of IRA withdrawals (29 Legacy Votes)

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.
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.
Tagged:
7
Comments
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.
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.
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
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!