Recording Annunity Investment Income

Unknown Member
edited October 2018 in Investing (Windows)
I would like to know how you can record an annuity Investment income (distribution) where the balance in the annuity account is reduced and the income is recorded with federal tax.


  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    edited October 2018
    A bit more info needed:  How do you have that annuity recorded in Q?  Do you have Tax Attributes set for the account?

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • J_Mike
    J_Mike SuperUser ✭✭✭✭✭
    edited October 2018
    The procedure for recording distributions from an annuity are the same as for distributions from an IRA or a 401k.
    See this link for the setup;
    QWin & QMac (Deluxe) Subscription
    Quicken user since 1991

  • Unknown
    Unknown Member
    edited February 2017
    1 Right click on your annuity account in the account side bar.  Select Edit/Delete account.

    2 Select Tax Schedule at the bottom of the screen. Make sure "Transfers Out" is selected as 1099-R:Total IRA taxable distribution.

    3 In your annuity account, perform a SELL transaction for the amount and shares from your annuity.  Do NOT use the SELLX transaction type.  The SELL transaction will give you a cash balance in your annuity account.

    4 In the annuity account select a transaction type of Cash Transferred Out of Account and enter the amount of the withdrawal (should be the same as the sell transaction amount) and the transfer account.

    5 In the transfer account, you can assign split line items to account for any federal and/or state withholding taxes to come up with the actual amount you received in your account less taxes withheld.

    The reason you cannot use a SELLX transaction is that for some reason Quicken will not recognize it as a taxable event in the Tax Planner.  Using the SELL transaction allows Quicken to record it as a taxable event and will record it in the Tax Planner.  Also, you must use the Cash Transferred Out of Account and not Withdrawal transaction type.  It will still show as a WithdrwX transaction type in the annuity register.   Some quirks in Quicken.  

    Hope this helps.
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