I am using Quicken 2017 R18.6 and have found an error in the Reports the Tax Summary Amt is differen

Ken179

I am using Quicken 2017 Deluxe R18.6 and have found an error in the Reports. I have an account under Investing that shows a 12/7/2018 date, Action is SoldX, Description shows 6.556 @ 44.737645 and an Inv. Amt of -293.30. This matches the 1099-R I received from the Company I have this investment with. When I go to Reports – Tax – Tax Summary, then Date range: Last year, Subtotal by: Category, Sort by: Account/Date the entry for the Investing account above does not show the RlzdGain of -293.30, it shows -9.59. Is there a patch that corrects this issue? If so, where / how do I download and update my Quicken?
Thanks, [email address removed for your protection]

Jim_Harman

It appears this is an IRA or 401(k) account. Is it set up that way in Quicken?



Tax deferred should be selected in the account details and on the tax schedule it should be set to the appropriate tax line item for transfers out.

Tom Young

The -$293.30 is not a realized gain or loss, it's the proceeds from the sale.  You subtract your basis for the security sold to come to a realized gain or loss.  Presumably that -$9.59 reflect the loss on the sale of the stock, i.e. $293.30 - $302.89 = - $9.59.

it seems like you might not have the Account properly set up in Quicken because I wouldn't expect to see a capital loss reported on the tax report.  You don't report on your income tax return investment activity that happens inside a 401(k) or IRA.  Assuming you're no longer making contributions to the account the only thing that gets reported on the income tax return is a distribution out of the account.  So I'd expect that the Tax report would show the distribution as taxable income and not show the capital loss.

Do you have this Account in Quicken set up as a tax deferred Account?  It should be.