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How do you have retirement accounts in the tax report to track taxable withdrawals? This was part of

DON63
DON63 Member ✭✭
edited January 2019 in Investing (Mac)
How can you account for a Roth conversion, moving cash or securities from a regular IRA to a Roth IRA? Quicken for MAC with today's update installed.

Comments

  • Quicken_Tyka
    Quicken_Tyka Moderator mod
    edited December 2018
    Hey Don,

    I can help you with that.

    First, the withdrawal transaction will need to be set up as a payment/deposit type transaction and the category needs to be listed as Personal Income: IRA Withdrawal which is shown below.

    The Personal Income: IRA Withdrawal is assigned tax schedule is assigned the tax schedule 1099-R which makes these transactions visible in the tax schedule report.

    image

    Next, the report will need to be customized to show the retirement accounts and the Personal Income: IRA Withdrawal category.

    Start by clicking on the tax schedule report and going to customize.

    image image

    The only caveat is that I was unable to get this to show transfers.

    This report will only show the withdrawals and not the transfers between accounts so I don't see any means to show the conversion for the funds moved from a traditional to a Roth IRA.

    Hopefully, someone with some personal experience can chime in on what needs to be done about that portion of this process.

    -Quicken Tyka
    ~~~***~~~
  • DON63
    DON63 Member ✭✭
    edited December 2018
    Thanks Tyka, you were very helpful. I was able to figure out how to get the $$$ into the Roth by using the transfer cell in the split screen for the transaction moving the IRA $$$ to the Roth account.

  • RCinNJ
    RCinNJ Member ✭✭✭✭
    edited December 2018
    Tyka, to clarify, after updating to 5.9.1 is there supposed to be a category Personal Income: IRA Withdrawal? I don't see this in Window>Categories. Or am I supposed to create a category Personal Income: IRA Withdrawal and Quicken will somehow recognize this? Thanks.
  • Fred L
    Fred L Member ✭✭✭
    edited December 2018
    RCinNJ said:

    Tyka, to clarify, after updating to 5.9.1 is there supposed to be a category Personal Income: IRA Withdrawal? I don't see this in Window>Categories. Or am I supposed to create a category Personal Income: IRA Withdrawal and Quicken will somehow recognize this? Thanks.

    I went to the bottom of the Categories window to select the settings button and chose "Add Default Categories" to make this new category show up. Of course now I have a whole bunch of unused categories in the list. Further, in the appropriate accounts I added the transfer column to the view so now there is both a category and transfer column.
    However, the Tax Schedule report does NOT show the transactions even after I quit and restarted Quicken!
    If I deselect all but the retirement accounts the 1099 shows up in the tax schedule report, but of course it's no longer a tax schedule report but only an IRA withdrawal report. MAJOR FLAW ... USELESS
  • Fred L
    Fred L Member ✭✭✭
    edited December 2018
    This new feature is not yet useful as offered in my reply to RCinNJ.
    The two sides of the transfer nullify each other so nothing shows up in the Tax Schedule report. Also, by now including the retirement accounts all the interest and dividends show up in Schedule B which they shouldn't since they are nontaxable.
  • Fred L
    Fred L Member ✭✭✭
    edited December 2018

    Hey Don,

    I can help you with that.

    First, the withdrawal transaction will need to be set up as a payment/deposit type transaction and the category needs to be listed as Personal Income: IRA Withdrawal which is shown below.

    The Personal Income: IRA Withdrawal is assigned tax schedule is assigned the tax schedule 1099-R which makes these transactions visible in the tax schedule report.

    image

    Next, the report will need to be customized to show the retirement accounts and the Personal Income: IRA Withdrawal category.

    Start by clicking on the tax schedule report and going to customize.

    image image

    The only caveat is that I was unable to get this to show transfers.

    This report will only show the withdrawals and not the transfers between accounts so I don't see any means to show the conversion for the funds moved from a traditional to a Roth IRA.

    Hopefully, someone with some personal experience can chime in on what needs to be done about that portion of this process.

    -Quicken Tyka

    I'll comment here just to be sure you see my comment below. This feature does not work as implemented. I hope you, as Official Rep, can help get it remedied.
  • RCinNJ
    RCinNJ Member ✭✭✭✭
    edited December 2018
    RCinNJ said:

    Tyka, to clarify, after updating to 5.9.1 is there supposed to be a category Personal Income: IRA Withdrawal? I don't see this in Window>Categories. Or am I supposed to create a category Personal Income: IRA Withdrawal and Quicken will somehow recognize this? Thanks.

    Fred, thanks I hadn't thought to show unused. I agree about hating to see a bunch of new unused ones show up. Over the years I created my own and usually want to stick with those. In theory it's not too hard to just delete all the new Unused categories, but still a pain.

    My problem is that once I apply this new category, QM still applies the same category to both sides of the transfer. So it appears that the transfer out of my IRA is cancelled out by the transfer into my cash account. I don't see how this is any different from the situation before this category was added. The only change I see is that in my Spending Report under Income there is now a Personal Income: Taxable IRA Withdrawal item with $0. It doesn't even show up as $0 in my Tax Report. I hope someone with more knowledge will chime in with a solution-- or say if it is still broken!
This discussion has been closed.