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

Where did the sold shares go???

ksrothschild
ksrothschild Member ✭✭
edited October 2018 in Investing (Windows)
My 401k shares - as part of the annual RMD - has been sold and where did the money go???  It did show up in my checking account, but where is the categorized amount?  In a sense, it is a "transfer" from the 401k account to my checking account. I do not want to create a new category in my checking account as I'm sure there is a category somewhere for the sold shares.  I hope I explained my question clearly.  Thanks!!!   ;-)    I'm on Quicken 2017 for Windows

Comments

  • J_Mike
    J_Mike SuperUser ✭✭✭✭✭
    edited October 2018
    See this thread for details on recording retirement account distributions in QWin;
    https://getsatisfaction.com/quickencommunity/topics/faq-best-way-to-handle-distributions-from-ira

    There is no category involved for the gross distribution. The gross distribution is indeed a transfer from the retirement account to your checking account. For tax reporting purposes, QWin recognizes the Transfer Out action as a taxable event.
    QWin & QMac (Deluxe) Subscription
    Quicken user since 1991

  • ksrothschild
    ksrothschild Member ✭✭
    edited October 2018
    Thanks for this response... I'm not financially savvy with this aspect... I already set the "Transfer Out" tax attribute - and then what is next is what I'm lost on.  The RMD has already taken place and is recorded in my QWin, so how do I rectify this to ensure that the corresponding deposit is into the checking account.

    Thanks!!!  ;-)
  • mshiggins
    mshiggins SuperUser ✭✭✭✭✭
    edited December 2016

    Thanks for this response... I'm not financially savvy with this aspect... I already set the "Transfer Out" tax attribute - and then what is next is what I'm lost on.  The RMD has already taken place and is recorded in my QWin, so how do I rectify this to ensure that the corresponding deposit is into the checking account.

    Thanks!!!  ;-)

    Did you read through the linked discussion?
    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the  Quicken Windows FAQ list
  • volvogirl
    volvogirl SuperUser ✭✭✭✭
    edited December 2016

    Thanks for this response... I'm not financially savvy with this aspect... I already set the "Transfer Out" tax attribute - and then what is next is what I'm lost on.  The RMD has already taken place and is recorded in my QWin, so how do I rectify this to ensure that the corresponding deposit is into the checking account.

    Thanks!!!  ;-)

    You said in the top question that it showed up in your checking account.  Did you just mean in your real world checking account at the bank or also in Quicken?  The Transfer *IS* the deposit.  The Transfer is making both sides/entries into both accounts.  

    But now that the money shows up in your checking account you probably need to make an entry in your checking account for the tax withholding taken out of the RMD.  So you need to make 1 or 2 payment entries to take the tax out of Checking.
  • ksrothschild
    ksrothschild Member ✭✭
    edited December 2016

    Thanks for this response... I'm not financially savvy with this aspect... I already set the "Transfer Out" tax attribute - and then what is next is what I'm lost on.  The RMD has already taken place and is recorded in my QWin, so how do I rectify this to ensure that the corresponding deposit is into the checking account.

    Thanks!!!  ;-)

    This is in response to "mshiggins"  Yes.. I did and I even printed it out... I'm lost on where to do "Deposit transaction - scroll down to the Cash Transactions at the end of the transaction list to find Deposit."  Where would that be??? That is where I'm thrown off.  :-(
  • ksrothschild
    ksrothschild Member ✭✭
    edited December 2016

    Thanks for this response... I'm not financially savvy with this aspect... I already set the "Transfer Out" tax attribute - and then what is next is what I'm lost on.  The RMD has already taken place and is recorded in my QWin, so how do I rectify this to ensure that the corresponding deposit is into the checking account.

    Thanks!!!  ;-)

    "Volvogirl"   I goofed.. it's not in the checking account yet but is in pending status at my FI - and will probably show up in my QWin download tonight into the checking account. Does this make any difference before it does show into QWin tonight?
  • mshiggins
    mshiggins SuperUser ✭✭✭✭✭
    edited December 2016

    Thanks for this response... I'm not financially savvy with this aspect... I already set the "Transfer Out" tax attribute - and then what is next is what I'm lost on.  The RMD has already taken place and is recorded in my QWin, so how do I rectify this to ensure that the corresponding deposit is into the checking account.

    Thanks!!!  ;-)

    In the investment account, click the Enter transaction button at the top of the account register. The Enter transactions window has a drop down list of transaction types. That is where the Deposit action can be found.
    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the  Quicken Windows FAQ list
  • ksrothschild
    ksrothschild Member ✭✭
    edited December 2016

    Thanks for this response... I'm not financially savvy with this aspect... I already set the "Transfer Out" tax attribute - and then what is next is what I'm lost on.  The RMD has already taken place and is recorded in my QWin, so how do I rectify this to ensure that the corresponding deposit is into the checking account.

    Thanks!!!  ;-)

    Ahhh!!! I see it... Then what do I do for the "Payee" and "Category" input??? Should the "Category" be the [checking account]?  It goes into my personal checking account.  Since the RMD has already taken place, do I just merely put in the RMD amount in and then it will show up into the checking account?
  • J_Mike
    J_Mike SuperUser ✭✭✭✭✭
    edited December 2016

    Thanks for this response... I'm not financially savvy with this aspect... I already set the "Transfer Out" tax attribute - and then what is next is what I'm lost on.  The RMD has already taken place and is recorded in my QWin, so how do I rectify this to ensure that the corresponding deposit is into the checking account.

    Thanks!!!  ;-)

    Just for clarification, the use of the Deposit transaction only applies if the destination (receiving) account is a brokerage account. It does not apply to your case since the destination account is a cash account - your checking account.

    As I understand your situation;
    The RMD is recorded in the 401k account.
    The deposit to checking is pending - not yet downloaded.

    Open the 401k account transaction in edit mode and, in the category field, indicate a transfer to checking.
    The deposit to checking will now be displayed in your checking account register - as a transfer from the 401k account.
    When the deposit to checking does download, be sure to match the downloaded transaction to the existing checking account entry.
    QWin & QMac (Deluxe) Subscription
    Quicken user since 1991

  • ksrothschild
    ksrothschild Member ✭✭
    edited December 2016

    Thanks for this response... I'm not financially savvy with this aspect... I already set the "Transfer Out" tax attribute - and then what is next is what I'm lost on.  The RMD has already taken place and is recorded in my QWin, so how do I rectify this to ensure that the corresponding deposit is into the checking account.

    Thanks!!!  ;-)

    Something is awry somewhere... I did the "Deposit" and it increased the 401k amount and the personal checking account amount REDUCED!!!.  The 401k account was already reduced with the sale of the stocks - and the cash proceeds to be reflected into my personal checking account. What should happen is that the 401k amount remains as it is as the transaction has already been recorded and my checking account should increase by the transaction proceeds amount.  Do I need to juggle some transaction somewhere?  There were no taxable amounts taken out, just a straight-forward "transfer" of the RMD proceeds.   Thank you!!!  ;-)
  • ksrothschild
    ksrothschild Member ✭✭
    edited March 2017
    I tinkered around and I guess I did what I could do - and it may not be the best solution... That is I did a "dummy" $0.00 zero amount transaction in my 401k account where I put in a split transaction for $xx.xx as a deposit into my checking account and the same $xx.xx amount to offset and labeled it as a miscellaneous offset transaction.  Now, the 401k account is correct and so is the checking account with the RMD amount.  Unless somebody tells me something better?   Thanks!!!   ;-)
  • ksrothschild
    ksrothschild Member ✭✭
    edited March 2017
    Thanks JM - and this is what I needed!!!   It's great to have this forum to have a dialogue to get issues resolved... Have a great day!!!  ;-)
This discussion has been closed.