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How to get a dividend to become a taxable income item?

gsishere

A automatic transfer of a dividend to a linked brokerage checking account does not show as a taxable dividend and does not get incorporated into the tax plan. Is there a work around? Has anyone else reported this issue? I have dividends checked as a taxable category.

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Accepted answers

Sherlock

The DivX transaction assigns the _DivInc category to the transaction in the brokerage account. The transaction should appear in the tax plan if the brokerage account is not set to be tax deferred and the security is not set to be tax free.

All comments

Sherlock

The taxable event is the dividend transaction in the brokerage account not the transfer to a checking account.

Please provide the year and version of Quicken being used: select Help > About Quicken

Tell us more about the brokerage account and how you are determining the dividend is not being recognized as taxable.

Jim_Harman

Make sure your tax report includes the brokerage account.

Make sure your brokerage account is not marked Tax deferred in the account details.

Make sure the security is not marked Tax free in the Security details.

Jim_Harman

You say "I have dividends checked as a taxable category" How are you recording the dividends in the brokerage account?

The most straightforward way would be to click on Enter Transactions in the brokerage account (not in the linked account), select "Inc - income" and enter the dividend there. This will create a DivX action in the brokerage account and assign the built-in _DivInc Category. If the security is marked Tax Exempt, the transaction will be ignored for tax purposes.

gsishere

In brokerage acct it has headings as follows with entry: note: it is downloaded from Schwab.
Date ... 8/1/2019
Action.. Divx
Security ... Verizon
Verizon communications
Description.... -167.50
[Brokerage]
Share balance... 278

In Brokerage-cash acct headings are:
Date... 8/1/2019
Category... verizon communications
[Brokerage]
Memo.. verizon communication
Deposit... 167.50
Balance... xxxxx

It does not allow category to be changed to div income in the “cash” acct. It says must be changed in the brokerage acct .
So I can “split” category and call it a dividend but then it deletes it from the cash acct.
I am thinking I will need to delete “show the cash in checking account”.
Seems like a worthless option if it cant be incorporated in the tax plan if chosen or a report on taxable income.
Any ideas?

On Sep 14, 2019, at 6:14 PM, Jim_Harman <noreply+d7860338-s6031128@quicken.com> wrote:

Sherlock