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Transaction split calculation error

unknown

A Federal IRA distribution on 3 Jan had a split transaction screen of 10,351.04 on the first line where the Category is [Vanguard IRA Account] and a Tax:Federal IRA Distribution category with -1,035.11 on the second line. The Transaction Total was 9315.93, which is correct. A distribution I made on 13 Feb has 5000.33 on the first line and -500.10 on the second line with the same categories. However, a third line appears that is blank except for an Amount listed as 500.10. The Transaction Total is 5000.33, which is obviously incorrect. This appears to be bug. Has anyone else seen that? Thanks.

Quicken for Windows 2017 Premier Version R4 Build 26.1.4.5

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unknown

Sounds correct to me.
5000.33 -500.10 + 500.10 = 5000.33

Just because you didn't assign a category to the third line doesn't mean it shouldn't be included in the total.

unknown

Call broker to verify distribution and tax withheld. Then call bank and verify deposit amount. Assuming they agree, edit the Quicken entry,

.

unknown

Call broker to verify distribution and tax withheld. Then call bank and verify deposit amount. Assuming they agree, edit the Quicken entry,

.

The OFX standard doesn't allow for sending split transaction information. So this split information wasn't downloaded, it was entered by hand.

unknown

Actually maybe this is what is going on.

Say you start a transaction with the amount 5000.33, and then you select to split it.
Quicken is going to put 5000.33 as the first line.
You then enter -500.10 on the second line.
Quicken is going to automatically put 500.10 on the third line. This probably what you didn't expect.

Quicken did that because the original amount you entered for the transaction was 5000.33.
The amount there should have been the net amount, but you entered the gross amount.
So Quicken entered the 500.10 to maintain what it believes is the net amount.

If you select Adjust Quicken will remove the third line it put in and adjust the total for the net amount.

unknown

@QOW, You are good. You figured out what happened without much detail. I am impressed. I have done exactly what you described many times. And I kick myself each time.

unknown

P.S. If you want to start with the gross amount and put in the taxes, and have Quicken just do a straight total of the net amount, start the transaction without first putting in the amount in the main transaction, and just select split. Quicken will start you will a split dialog with nothing in it. You can now put in the gross amount and then the tax amount and Quicken will just total them to give you the net amount.