RMD transfer to checking using WITHDRAWX not showing as income in reports

Unknown
Unknown Member
edited October 2018 in Investing (Windows)
I'm using Withdrawx to initiate transfer of my monthly RMD from my brokerage account to my checking account but the transfer is not showing up as income. I tried using DEP also but no dice. In a similar question, you said to use Withdrawx to cause the transfer to show as income. Quicken for home and business 2017, Windows 10.

Comments

  • mshiggins
    mshiggins SuperUser ✭✭✭✭✭
    edited July 2018
    Jim, please see if this recent discussion on the same issue helps:



    https://getsatisfaction.com/quickenco...
    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the  Quicken Windows FAQ list
  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    edited July 2018
    There's two aspects of transfers out (distributions) of an IRA: the pure "accounting" aspect and then the "income tax" aspect.

    From an accounting standpoint a transfer of money from one asset Account (the IRA) to another asset Account (Checking) is not income.  All the income associated with the IRA took place inside the IRA - dividends, interest, capital gains, unrealized appreciation, and so forth. 


    On the other hand the transfer of money from the IRA to Checking is "income" for income taxes and the activity inside the IRA is ignored.

    IF you want the distribution to show as a form of "income" on your regular Spending reports THEN you need to modify whatever Spending report you're using to include the transfer up in the INCOME section of the report.  The line item will be identified as "From [IRA Account]".  To do this click on the report's "Customize" gear wheel, click on the "Accounts" tab and make sure the IRA Account is not checked.  Then click on the "Categories" tab and make sure the IRA Account is checked.  This combination will keep income activity inside the IRA out of the report while ensuring the transfer is listed in the "Income" section.

    For income tax purposes you identify the transfer out of the IRA as being associated with "Out: 1099-R: IRA gross distrib." over in the Categories list.
  • Unknown
    Unknown Member
    edited July 2018
    Tom, thanks much!  I followed your suggestion.  However, it only seems to work on one of the Spending Reports -- the Income & Expense by Category report.  I'm wondering why it doesn't work on Spending Itemized by Category or by Payee?  At least I have it working on one report!
  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    edited July 2018

    Tom, thanks much!  I followed your suggestion.  However, it only seems to work on one of the Spending Reports -- the Income & Expense by Category report.  I'm wondering why it doesn't work on Spending Itemized by Category or by Payee?  At least I have it working on one report!

    I tried it with the Itemized by Category report and it does work, it just doesn't show the transfer up in the "Income" section.  It's down below in a "Transfers" section.
  • John McCoy
    John McCoy Member ✭✭
    I tried Tom Young's suggestion above and found the following:
    * His suggestion will work if the RMD transfer is to a checking account, but will not work if to a brokerage account
    * The IRA custodian deducts withholding before the transfer, so the transfer amount is not the full value of the RMD that must be considered as income
  • J_Mike
    J_Mike SuperUser ✭✭✭✭✭
    John McCoy

    See this FAQ - it specifically covers distributions to a brokerage account in QWin:

    faq-best-way-to-handle-distributions-from-ira


    QWin & QMac (Deluxe) Subscription
    Quicken user since 1991

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