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How To Account For Proceeds From Monthly IRA Brokerage Withdrawal (Quicken Mac 2017)

Paul Schwartz
Paul Schwartz Member ✭✭
edited October 2018 in Investing (Mac)
I recently upgraded from Quicken Mac 2007 to Quicken Mac 2017 . . . . I am having trouble figuring out how to process a regular monthly withdrawal from an IRA brokerage account in Quicken 2017

In 2007, I did all my book keeping manually.  When I processed my monthly IRA I would


In my "IRA Brokerage Account" I would enter as follows: 
Action = Sell
Transfer = "Cash Account"
Shares Out = 10
Share Price = $10
Cash In = $100


In my "Cash Account” I would see the following:
Payee = SELL IRA Brokerage Account
Receive = $100
Category = [IRA Brokerage Account]




With 2017, I have moved to the transaction download process for my IRA.


In my “IRA Brokerage Account” I now see at the 1st of the month:
Type = Sell
Payee = “IRA Brokerage Account”
Total Sale = $100
Number of Shares = 10
Cost per Share = $10
Category = Investment:Sell
Cash In = $100


My challenge is how to now get that $100 into my “Cash Account”.  I’m not able how to figure out how to transfer that $100 from my IRA Brokerage Account to my Cash Account.  I thought maybe I I could set up a transaction in my Cash Account showing the $100 receive under the Category of Investment:Sell, but that category isn’t available in my cash account.


What is the appropriate way to handle the accounting from selling IRA funds and moving the proceeds into my cash account? 

Comments

  • RickO
    RickO SuperUser, Mac Beta Beta
    edited November 2017
    You need to use a Payment transaction in the IRA with a transfer. It helps if you turn on the Transfer column for view (menu View > Columns). You can also specify the transfer in the Category column using the Transfer:[AccountName] notation as is done in QM07.

    It will look like this in the IRA account:

    image

    And will look like this in the Cash account:

    image
    Quicken Mac Subscription; Quicken Mac user since the early 90s
  • J_Mike
    J_Mike SuperUser ✭✭✭✭✭
    edited October 2018
    Paul

    Here is an earlier thread on the subject of retirement distributions. It was written for QMac2015 & 16 but applies as well to QMac2017 &18.
    This thread includes details on creating categories with tax line assignments which then enable QMac to recognize and report the tax implications of the distributions.
    QWin & QMac (Deluxe) Subscription
    Quicken user since 1991

  • RickO
    RickO SuperUser, Mac Beta Beta
    edited November 2017
    JM said:

    Paul

    Here is an earlier thread on the subject of retirement distributions. It was written for QMac2015 & 16 but applies as well to QMac2017 &18.
    This thread includes details on creating categories with tax line assignments which then enable QMac to recognize and report the tax implications of the distributions.

    @JM... oops, you forgot to paste the link. :-)
    Quicken Mac Subscription; Quicken Mac user since the early 90s
  • J_Mike
    J_Mike SuperUser ✭✭✭✭✭
    edited November 2017
    JM said:

    Paul

    Here is an earlier thread on the subject of retirement distributions. It was written for QMac2015 & 16 but applies as well to QMac2017 &18.
    This thread includes details on creating categories with tax line assignments which then enable QMac to recognize and report the tax implications of the distributions.

    OOPS

    https://getsatisfaction.com/quickencommunity/topics/transaction-steps-for-rmd-from-an-ira?topic-repl...

    Thanks RickO
    QWin & QMac (Deluxe) Subscription
    Quicken user since 1991

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