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IRA Brokerage Account: Transfer Cash Balance To Checking

aknattei

Hello Everybody, hope you are having a nice day. I use Quicken Deluxe 2019 Version 5.11.0 (Build 511.25626.100) for MacOS version 10.14.4. I am retired and selling shares in my IRA Brokerage account. The cash proceeds of the the sell are deposited in my IRA Brokerage account. How do I transfer the cash proceeds to my checking account. The "TYPE" drop down menu for the IRA Brokerage account does not contain a transfer cash selection. I have attached a screen capture of the the "TYPE" dropdown menu for your review.

Does anybody have knowledge of a method to transfer cash from my IRA Brokerage account to my Checking account?

Image: https://us.v-cdn.net/6031128/uploads/editor/ou/vthr9f9xbhah.png

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Accepted answers

J_Mike

The Payment/Deposit is the correct Type for recording the transfer of funds.

I;ll make one suggestion - if you want Mac to track the tax implications of the IRA distribution;
Create an income category; e.g., IRA Distribution (or similar).
Assign Tax Line Item "1099-R:Total IRA taxable distrib.".
Assign this category to the transfer transaction.
The Tax Schedule Report will then include the distribution as taxable income.

As to the budgeting issues - I do not use the budget feature but I believe you are encountering an issue with the current budget configuration. One can not budget transfers as the two halves of the transfer cancel each other; i.e., the Transfer Out cancels or offsets the Transfer In leaving a net zero to income/expense.
This is a well known issue with QMac Budget and there have been many requests (pleadings?) for QMac to resolve this issue. It is no doubt on the To-Do list and hopefully it will come about one of these days.

All comments

aknattei

I can use Payment/Deposit to transfer the cash by converting the cash amount to a negative number by adding a minus sign and creating a transfer.

When the cash transfer using "Type: Payment/Deposit" is completed "Quicken Budget" displays the income as a GRAY color and reports the cash transferred using "Type: Payment/Deposit" has not been transferred.

The "Quicken Budget" feature does not support the transfer of cash from investment to checking using "Type: Payment/Deposit".

Any suggestions are appreciated. Have a nice day.

J_Mike

aknattei

Hi J_Mike,

Thank you for your reply to my question and comments posted above. I wanted to use QMac Budget but the dollars listed under income are $0.00; which breaks the QMac budget feature because I have expenses but no income. I was concerned I did not understand how to use the QMac Budget; you input to me is the feature has not worked for some time. Thank you so much for your reply.

Take care,