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

QWin 2017: Add a withdrawal transaction to an IRA account

Unknown
Unknown Member
edited November 2018 in Investing (Windows)
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.

Comments

  • Unknown
    Unknown Member
    edited March 2017
    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
    Unknown Member
    edited October 2018
    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
    mshiggins SuperUser ✭✭✭✭✭
    edited April 2017
    My thought is please use white space in your posts.
    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the  Quicken Windows FAQ list
  • Unknown
    Unknown Member
    edited April 2017
    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
    Unknown Member
    edited April 2017
    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
    NotACPA SuperUser, Windows Beta Beta
    edited April 2017
    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?

    image
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Unknown
    Unknown Member
    edited April 2017
    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
    Greg_the_Geek SuperUser, Windows Beta ✭✭✭✭✭
    edited April 2017
    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

    Quicken Subscription HBRP - Windows 10
  • Unknown
    Unknown Member
    edited April 2017
    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
    Greg_the_Geek SuperUser, Windows Beta ✭✭✭✭✭
    edited April 2017
    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?
    Quicken Subscription HBRP - Windows 10
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    edited November 2018
    Pam, exactly what version of Quicken are you running? Maybe Deluxe doesn't have all the choices for investment transactions.
    QWin Premier subscription
  • Unknown
    Unknown Member
    edited April 2017
    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
    Unknown Member
    edited April 2017
    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
    Greg_the_Geek SuperUser, Windows Beta ✭✭✭✭✭
    edited April 2017
    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?
    Quicken Subscription HBRP - Windows 10
This discussion has been closed.