QWin 2017: Add a withdrawal transaction to an IRA account

Unknown

I recently bought Quicken 2017 PC version and have been setting up my accounts. My IRA investment account for Morgan Stanley was easy as they are a recognized house and quicken set it up, with all my securities and the ability to make both withdrawals and withdrawal transfers. However I have a limited partnership Investment ( also and IRA) that I had to set up manually. I set it up the same as the MS account, and was able to add the 2 securities. Minor issue is that I would have preferred to label them as REITS, but that is not available... The real difference between the 2 accounts I've set up is that in the MS account, when I take out money, 2 transactions show up - the transfer to my savings, and a withdrawal that I can mark as Federal Tax. On the Pensco account, I can only do the withdrawal transfer... so I have to put money into the savings account, and then show the withdrawal to the IRS, This seems "kluggy" since when I balance my savings account statement, I now have to account for 2 transactions that really never occured.

Unknown

One workaround is to create a "holding account"...where the proceeds go to there and then show the withdrawal to the IRS.

That way your savings account is out of the picture.

But I'm curious why you can't do a Withdraw action from the account?  In the investment account register, click on Enter Transactions in the upper left, then scroll down the Enter Transaction field.  You should be able to see Withdraw under Cash Transactions.

Let me know if you don't see this.

Unknown

Hi... I've tried doing what you suggested, but it only has a WithdrawlX.... transfer to another account. Thats what has me confused. I can do a Withdraw ( Without the transfer) from my other investment accounts but not this one. I can't see any difference in the set up, but there has to be some switch... or something I did differently. My preious version of QUicken was a 2003 version, so lots of upgrades and differences. Just can't figure this one out. Appreciate any thoughts

mshiggins

My thought is please use white space in your posts.

Unknown

Pam said:

Hi... I've tried doing what you suggested, but it only has a WithdrawlX.... transfer to another account. Thats what has me confused. I can do a Withdraw ( Without the transfer) from my other investment accounts but not this one. I can't see any difference in the set up, but there has to be some switch... or something I did differently. My preious version of QUicken was a 2003 version, so lots of upgrades and differences. Just can't figure this one out. Appreciate any thoughts

Is the investment account set up as a Single Mutual Fund account?

Go to the Account, then Edit, then the General page.  See if Single Mutual Fund is selected.  That may be the reason.  

Unknown

Pam said:

Hi... I've tried doing what you suggested, but it only has a WithdrawlX.... transfer to another account. Thats what has me confused. I can do a Withdraw ( Without the transfer) from my other investment accounts but not this one. I can't see any difference in the set up, but there has to be some switch... or something I did differently. My preious version of QUicken was a 2003 version, so lots of upgrades and differences. Just can't figure this one out. Appreciate any thoughts

Thanks for the idea.... I checked and Single Mutual fund is not checked

NotACPA

Pam said:

Hi... I've tried doing what you suggested, but it only has a WithdrawlX.... transfer to another account. Thats what has me confused. I can do a Withdraw ( Without the transfer) from my other investment accounts but not this one. I can't see any difference in the set up, but there has to be some switch... or something I did differently. My preious version of QUicken was a 2003 version, so lots of upgrades and differences. Just can't figure this one out. Appreciate any thoughts

WAAY down, at the bottom of the actions list, do you not have a Withdraw action?

Unknown

Pam said:

Hi... I've tried doing what you suggested, but it only has a WithdrawlX.... transfer to another account. Thats what has me confused. I can do a Withdraw ( Without the transfer) from my other investment accounts but not this one. I can't see any difference in the set up, but there has to be some switch... or something I did differently. My preious version of QUicken was a 2003 version, so lots of upgrades and differences. Just can't figure this one out. Appreciate any thoughts

An additional comment. I went into my IRA account that has the witdrawal (without the transfer), and I found that it was entered this way when it was downloaded from the account. If I try to enter one manually, I have the same problem. Withdraw is not an option.


It appears that this may not be as I originally thought ... a problem in how I set up the account, but a limitation in QUicken. It does not appear to allow you to manually enter a withdrawal in an IRA account. only a WithdrawX...


The Withdraw only happens it is downloaded from the institution. Since the new account I am entering does not download, it can't use the withdraw to note the taxes paid. Will have to find another work around.

Greg_the_Geek

Pam said:

Hi... I've tried doing what you suggested, but it only has a WithdrawlX.... transfer to another account. Thats what has me confused. I can do a Withdraw ( Without the transfer) from my other investment accounts but not this one. I can't see any difference in the set up, but there has to be some switch... or something I did differently. My preious version of QUicken was a 2003 version, so lots of upgrades and differences. Just can't figure this one out. Appreciate any thoughts

Use the "Enter Transactions" button to create the Withdrawal instead of trying to enter it directly into the register.

Greg

Unknown

Pam said:

Hi... I've tried doing what you suggested, but it only has a WithdrawlX.... transfer to another account. Thats what has me confused. I can do a Withdraw ( Without the transfer) from my other investment accounts but not this one. I can't see any difference in the set up, but there has to be some switch... or something I did differently. My preious version of QUicken was a 2003 version, so lots of upgrades and differences. Just can't figure this one out. Appreciate any thoughts

No. The last choice is WithdrwX. There is no Withdraw ... Sorry I tried to copy and paste it but I can't seem to make it paste in this window.

Greg_the_Geek

Pam said:

Hi... I've tried doing what you suggested, but it only has a WithdrawlX.... transfer to another account. Thats what has me confused. I can do a Withdraw ( Without the transfer) from my other investment accounts but not this one. I can't see any difference in the set up, but there has to be some switch... or something I did differently. My preious version of QUicken was a 2003 version, so lots of upgrades and differences. Just can't figure this one out. Appreciate any thoughts

Are you using the "Enter Transactions" windows that's shown in NotACPA's post above?

Jim_Harman

Pam, exactly what version of Quicken are you running? Maybe Deluxe doesn't have all the choices for investment transactions.

Unknown

Pam said:

Hi... I've tried doing what you suggested, but it only has a WithdrawlX.... transfer to another account. Thats what has me confused. I can do a Withdraw ( Without the transfer) from my other investment accounts but not this one. I can't see any difference in the set up, but there has to be some switch... or something I did differently. My preious version of QUicken was a 2003 version, so lots of upgrades and differences. Just can't figure this one out. Appreciate any thoughts

AHHH... The forever User Error... as I wrote I am new to this. WHen I went back in I was careful to make sure I had the pop up for entering transactions, and looked at all those options. My error.. thank you! My previous version did not have this kind of pop up so I hadn't realized I was in the wrong screen.. THANK YOU

Unknown

Another person asked if I was in the transaction screen, which made me realize that I was incorrectly using this version... was in the wrong screen... I was trying to do this from the holdings screen and hadn't realized that the option to do the withdrawal appeared in the transaction screen only.



The age-old user error. thanks for your help

Greg_the_Geek

Pam said:

Hi... I've tried doing what you suggested, but it only has a WithdrawlX.... transfer to another account. Thats what has me confused. I can do a Withdraw ( Without the transfer) from my other investment accounts but not this one. I can't see any difference in the set up, but there has to be some switch... or something I did differently. My preious version of QUicken was a 2003 version, so lots of upgrades and differences. Just can't figure this one out. Appreciate any thoughts

What was your previous version?