I am trying to record a distribution from my IRA account to a non-IRA broker account.

EEguy

In the past I recorded the distribution in my checking account as a split (a) gross withdrawal from IRA account, (b) FWT for transaction with (c) net amount as deposit.  This recorded (a) as the taxable distribution, (b) tax withheld and (c) as increase to checking.  It had to be done from the checking account to show up in taxable transactions.  Now I want to use a non-IRA brokers account for distributions (not checking).  (1) only transaction with "split" w/ income & other doesn't include ordinary income.  The cash in will record (a) above and a separate transaction will record (b) but not both as single split transaction.  Hey, I realize that I'm a minority (1) someone actually retired and (2) using Quicken but being able to record an IRA distribution would be helpful. Is there a way, I missed?

J_Mike

@EEguy


This link describes the procedure in detail;
https://community.quicken.com/discussion/7072150/faq-best-way-to-handle-distributions-from-ira

Note that when transferring a distribution from an IRA account to a taxable brokerage account the key step is:
In the taxable brokerage account, use the Enter Transaction button.
Scroll down to the Cash Transactions section and select Deposit.
Now enter the split deposit transaction - the gross transfer from the IRA less withholdings.

For some reason, using the Deposit transaction is key to having the distribution report properly in the tax reports.

Bob_L

I record my RMD transaction as a deposit to a non-IRA brokerage account with no problems as you described for your checking deposit.  What version of Quicken are you running?  

J_Mike

@EEguy


This link describes the procedure in detail;
https://community.quicken.com/discussion/7072150/faq-best-way-to-handle-distributions-from-ira

Note that when transferring a distribution from an IRA account to a taxable brokerage account the key step is:
In the taxable brokerage account, use the Enter Transaction button.
Scroll down to the Cash Transactions section and select Deposit.
Now enter the split deposit transaction - the gross transfer from the IRA less withholdings.

For some reason, using the Deposit transaction is key to having the distribution report properly in the tax reports.