Cannot change transfer to checking from investment account to income. This is badly misrepresenting
Cannot change transfer to checking from investment account to income. This is badly misrepresenting income. Any ideas on resolving this.
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BUT, normally, investment income is recorded in the investment account ... and a transfer to your checking account is NOT income ... because it doesn't make you any wealthier than you were before the transfer.
In a transfer, your Investment account goes down by $X and your checking account goes up by the same amount. I.E., you have exactly the same wealth as you did before the transfer.
Now running Quicken Windows Subscription, Home & Business
Retired "Certified Information Systems Auditor" & Bank Audit VP
Premier on Windows 10
Of course, you might be referring to a tax sheltered "investment account" (IRA, 401-K, etc.). In that case, of course, DISTRIBUTIONS from your tax sheltered account to your checking, savings, whatever, ARE taxable income. I have that problem myself with my IRA (I'm retired). But I only take taxable draws once or twice a year from my IRA and those are easy enough to just manually add in to my tax estimator or tax return software. I take account of those in Quicken by having a special tag for "Taxable IRA draws", which I print out as a report at tax time.
So, does that help? Or have I mis-understood your problem?
Premier on Windows 10
If so, then I suggest doing the transfer from investment account to cash and then from cash to checking.
-also older versions as needed for testing
-Questions? Check out the Quicken Windows FAQ list
Often people want to view the cash flows to and from banking accounts as "income" and "expenses." When money from a paycheck or Social Security is deposited in a checking account, Quicken shows it as income, but when the money comes from an investment account it (correctly) shows as a transfer.
I think you can do this by handling your payments and customizing your reports carefully. The general idea is as follows. This is for QWin 2019, other versions may work differently.
-- When you pay for things that you want to include in this analysis, use a spending account, don't for example write checks on the money market fund in an investment account.
-- When you set up reports to see these cash flows, customize them so that the Accounts include just those you use to pay your expenses (typically bank and credit card accounts), and the Categories include everything BUT the bank and credit card accounts.
With this setup, and looking for example at the Income/Expense by Category report, transfers from your investment accounts will show in the Income section but transfers between spending accounts, to pay credit card bills for example, will not be included.
[Edit] Note that the Itemized Categories report is not so useful for this purpose, because it puts all the transfers in a section by themselves at the bottom.
Is this what you are trying to accomplish?
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
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.
Now running Quicken Windows Subscription, Home & Business
Retired "Certified Information Systems Auditor" & Bank Audit VP
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.