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

JHARVEY
Member ✭✭
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.
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.
0
Best Answer
-
See this thread:
https://community.quicken.com/discussion/7072150/faq-best-way-to-handle-distributions-from-ira
QWin & QMac (Deluxe) Subscription
Quicken user since 19917
Answers
-
See this thread:
https://community.quicken.com/discussion/7072150/faq-best-way-to-handle-distributions-from-ira
QWin & QMac (Deluxe) Subscription
Quicken user since 19917
Categories
- All Categories
- 3 Product Ideas
- 27 Announcements
- 190 Alerts, Online Banking & Known Product Issues
- 18 Product Alerts
- 732 Welcome to the Community!
- 606 Before you Buy
- 1.1K Product Ideas
- 50K Quicken Classic for Windows
- 15.5K Quicken Classic for Mac
- 987 Quicken Mobile
- 775 Quicken on the Web
- 75 Quicken LifeHub