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What Tax Schedule option should I use for RMD's from IRA to Checking Acount

When I xfer my monthly (12 mo's yearly) RMD distributions to my checking account, I need to assign those transfers as 1099-R transfers. But which 1099-R should I use? I seem to have two options; 1099-R: Total IRA taxable distrb or, 1099-R: Total IRA gross distrb. What's the difference?

Best Answers

Answers

  • Bob_L
    Bob_L SuperUser ✭✭✭✭✭
    @Tom Young I have not checked it recently, but historically there has been a problem with some of the tax reports and/or planner not picking it up correctly.  Do you find your method works correctly on all the reports and the planner?
    Quicken Premier Subscription, Windows 10 Home
  • bluzchaser
    bluzchaser Member ✭✭
    edited September 2019
    Thanks Bob L, Tom Young and markus1957. I read each comments/suggestions and used the 1099-R Total IRA taxable distrb option rather than the adjacent 1099-R: Total IRA gross distrb selection. I also added the 1099-R Total IRA taxable distrb in the destination account (transfer in) and the 1099-R Total IRA taxable distrb in the source account (IRA) transfer out. Not sure why the adjacent 1099-R: Total IRA gross distrb. is available as another choice as that is also a taxable option no matter if it is designated as "gross distrb."
    Thanks.
  • bluzchaser
    bluzchaser Member ✭✭
    Thanks markus1957 for clearing up the usage of that alternative option. It would really make more sense if the 1099-R Total IRA GROSS DISTRB (meant for Roth IRA), would be changed someway to indicate that option is for ROTH IRA'S, Maybe as 1099-R Total Roth IRA gross distrb? Or some other designation so as to indicate only use for Roth IRA's. and not regular IRA'S.
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Q is using the IRS's terminology.  Complain  to the IRS.
    Other's would post complaints here if Q DIDN'T use IRS terminology.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    The method I've used has always worked properly for me.  The item shows up on the tax report and the income also shows up correctly on a budget report.  I haven't investigated beyond that.

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