Tax Schedule/Summary Reports only showing Income


  • I find that setting the Tax Schedule Information in a tax-deferred account as Transfers Out: "1099-R: Total IRA taxable (or gross) distrib." has ABSOUTELY NO EFFECT on the Tax Schedule or Tax Summary reports. It is only the recording of an income category (with this tax line item) in a taxable account where the distribution is sent that affects these reports. And that works perfectly once I change the transaction in the taxable account (from account where the distribution came from) to an income category. What am I missing?
  • Bob_L
    Bob_L SuperUser ✭✭✭✭✭
    If you are replacing the transfer with an income category, then you have lost the transfer. 

    To get the transfer out to work properly for taxes you must create the  transaction as a deposit in the taxable account with the transfer as the source of the income. That is, don’t do it the other way around be creating the transaction in the investment account.

    Quicken Business & Personal Subscription, Windows 11 Home

  • Sherlock
    Sherlock Member ✭✭✭✭
    On the Tax Schedule report, the 1099-R transactions should appear in their own section below Schedule D.  On the Tax Summary report, the 1099-T transactions should appear in the Transfers section.

    When we set the Transfers Out to a tax line item, we're fixing a tax line item cash transfer transactions from the tax-deferred account to a non-tax deferred account.  You should be able to confirm this behavior by examining the transfer transaction in the destination register (select Edit > Transactions > Tax-line item assignments or, in a Split Transaction window, Edit > Tax-line item assignments).

    The only reason Quicken should have excluded the transfer transactions from the reports is if there is a filter in place: select Alt + C.  For example, on the Advanced tab, verify the transfers are not set to be excluded.
  • Bob_L, thanks.
    Ok, I see how that works now. If the distribution had income taxes withheld, then the deposit into my taxable account needs to be a split transaction with the [tax-deferred acct] entered as the gross IRA distribution and a "Tax Withheld" category entered as a negative to this to arrive at the net deposit? I had just created my own "Distributions-Taxable" income category and was always using that instead of the account. I can see now how it works either way.
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