Withdrawal from 401K /403B that includes federal tax taken out of it.

JHARVEY
JHARVEY Member ✭✭
in Investing (Windows)
Withdrawals from my 403B account reflect 20% tax rate withheld when the withdrawal is made. I have to enter a 'withdrawal from 401k' transactions that shows the full amount, but be able to show a Split that reflects 20% being categorized to federal tax. Example: request withdrawal of $1000. Receive $800 as a direct transfer to my non-IRA/non-401K savings/checking account. Reflect remaining $200 as a payment to Federal Tax as being withheld at time of withdrawal.

I dont see anyway to show that split transaction and STILL have the $1000 reflected on the Tax Summary/reports as the full 401k withdrawal.

Is there any method? This is my future, having just retired, and if Quicken can not accurately report how I receive my retirement income from hereonin, I will have to abandon the software.

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