Cannot change transfer to checking from investment account to income. This is badly misrepresenting

Unknown

NotACPA

Sherlock

A transfer is generally not treated income as you're simply moving funds from one account to another.  Interest or a dividend would be examples of income received in a brokerage account.  

William Prendergast

Unknown

Thanks for your responses...  I am also retired. These are ongoing monthly distributions from multiple brokerage accounts. I am downloading from both the brokerage account as well as my bank. Since these are automatically deposited from brokerage to bank account they then show up there and Quicken categorizes them as transfers. When I try to change the category of the transaction in my checking account to income then Quicken indicates that if I change the category then the transaction will be deleted.

Sherlock

Thanks for your responses...  I am also retired. These are ongoing monthly distributions from multiple brokerage accounts. I am downloading from both the brokerage account as well as my bank. Since these are automatically deposited from brokerage to bank account they then show up there and Quicken categorizes them as transfers. When I try to change the category of the transaction in my checking account to income then Quicken indicates that if I change the category then the transaction will be deleted.

If these are distributions from a tax-deferred account, you may want to verify that the transfers out of the account are assigned to the appropriate tax line.  Open the investment account, press Ctrl + Shift + E, and select Tax Schedule.  For example, a traditional IRA should have 1099-R: Total IRA gross disttrb. selected.

splasher

Jim_Harman

Unknown

Thanks for your responses...  I am also retired. These are ongoing monthly distributions from multiple brokerage accounts. I am downloading from both the brokerage account as well as my bank. Since these are automatically deposited from brokerage to bank account they then show up there and Quicken categorizes them as transfers. When I try to change the category of the transaction in my checking account to income then Quicken indicates that if I change the category then the transaction will be deleted.

if the account the money is coming from is not tax exempt, then then the transfers aren't income.  your account at the institution would also include some type of cash account, a money market or some similar type of account which is basically just cash  the way money gets into the "cash" account is either through earnings such as dividends and interest or security sales.  either way the income is recorded in the investment account and your just transferring it. 

money from a tax-deferred a/c is explained above.


if neither of these situations apply then perhaps you could tell us what type of account the money is coming from   

NotACPA

Thanks for your responses...  I am also retired. These are ongoing monthly distributions from multiple brokerage accounts. I am downloading from both the brokerage account as well as my bank. Since these are automatically deposited from brokerage to bank account they then show up there and Quicken categorizes them as transfers. When I try to change the category of the transaction in my checking account to income then Quicken indicates that if I change the category then the transaction will be deleted.

I.E., WHY are the funds NOT income when received in the investment account? 

Because, since they are income in the investing account, you're requesting that they be double-counted ... once in the investment account and again when transferred to checking.

Unknown

Isn't this the situation where the transfer from the tax-deferred account has to be to a cash account for the proper tax categorization?

If so, then I suggest doing the transfer from investment account to cash and then from cash to checking.

I don't think that works.  Need to have it show up as an income item on tax planner and also show as deposit to checking account.  if you show it as an income or expense you can't show it as a transfer to a bank account.

Jim_Harman

Isn't this the situation where the transfer from the tax-deferred account has to be to a cash account for the proper tax categorization?

If so, then I suggest doing the transfer from investment account to cash and then from cash to checking.

Micki,
What type of investing account are you transferring from? If it is a taxable account, the income should show in the tax planner when it is received in the investing account. If it is tax deferred, like an IRA or 401k, the transfer should show as 1099R income.

This is different from "income" for budgeting purposes. In that case you may want to think of the transfer to your checking account as income, and you can set up your budget and spending reports to do that, as explained below.

ColinGruchy

Thanks for your responses...  I am also retired. These are ongoing monthly distributions from multiple brokerage accounts. I am downloading from both the brokerage account as well as my bank. Since these are automatically deposited from brokerage to bank account they then show up there and Quicken categorizes them as transfers. When I try to change the category of the transaction in my checking account to income then Quicken indicates that if I change the category then the transaction will be deleted.

Perfect! Thanks! I was trying to figure out a way to get the transfers from my RRSP account to my chequing account to show as taxable income on the Tax Summary report and changing the Transfers Out option on the Tax Schedule Information to T1 General: RRSP Income did the trick.