Accounting for IRA Distributions -- still not working

jstu101

I've seen all the threads here & elsewhere on how to get an IRA distribution to show up as income. I've got the correct tax schedule setting for transfers out (1099B total gross dist.), i've done the transfer as a deposit into a checking account. But the transaction still doesn't show up on any reports as IRA distribution income. The category doesn't show as "used" in the category list. Anybody know how to get this to work?

Sherlock

It is 1099-R not 1099-B.

First, I suggest you verify the transaction in the checking account has been assigned the correct tax-line item: right-click and select tax-line item assignments

Next, I suggest you examine the Transfers region of the Tax Summary report for the transaction: select Reports > Tax > Tax Summary  

If you're on at the subscription release, you should also see the transaction under 1099-R on the Tax Schedule report: select Reports > Tax > Tax Schedule

Rocket J Squirrel

The IRA distribution shows up under Transfers, but it is added to overall income. That's as good as it gets.

The category is unused because the IRA account itself has the tax line item assigned to transfers out. I see no need for that category to exist under usual circumstances.

Jim_Harman

Try the Banking > Cash flow report. On the Display customization tab, set the Organization to Cash flow basis and on the Advanced tab, set Transfers to Exclude internal.

Transfers from the IRA will show up as an Inflow of FROM Account-name and transfers within banking accounts will be excluded from the report.

Sherlock

It is 1099-R not 1099-B.

First, I suggest you verify the transaction in the checking account has been assigned the correct tax-line item: right-click and select tax-line item assignments

Next, I suggest you examine the Transfers region of the Tax Summary report for the transaction: select Reports > Tax > Tax Summary  

If you're on at the subscription release, you should also see the transaction under 1099-R on the Tax Schedule report: select Reports > Tax > Tax Schedule

Rocket J Squirrel

jstu101 said:

The category doesn't show as "used" in the category list.

You're using Quicken for Windows, right? If so, the above statement confuses me. There is no category associated with a transfer in QWin. So what category are you referring to?

Also, and I know this doesn't solve your problem but it's one of those helpful hints you get for free here on the forum: if you want Quicken's Tax Planner to see your IRA distributions as taxable income, you should set the IRA transfer-out tax line item to 1099-R:Total IRA taxable distrib., not gross distrib.

Tom Young

" The category doesn't show as "used" in the category list. Anybody know how to get this to work? "

Assuming you want to see the transfer out of the IRA as a form of "income" on a Spending or similar report, make sure the IRA has a check in the box next to the Account under the Category tab.  The "income" will show up as "FROM [Name of IRA Account].

Sherlock

Rocket J Squirrel said:

jstu101 said:

The category doesn't show as "used" in the category list.

You're using Quicken for Windows, right? If so, the above statement confuses me. There is no category associated with a transfer in QWin. So what category are you referring to?

Also, and I know this doesn't solve your problem but it's one of those helpful hints you get for free here on the forum: if you want Quicken's Tax Planner to see your IRA distributions as taxable income, you should set the IRA transfer-out tax line item to 1099-R:Total IRA taxable distrib., not gross distrib.

This a Roth IRA so unless, this is an early distribution, the distribution is tax exempt and 1099-R: Total IRA gross distrib. is appropriate.

jstu101

PS: W10, Quicken Home & Bus. 2019

jstu101

Thanks for the help.
No, it's not a Roth, it's a traditional IRA.

Changing to Total IRA taxable dist. made it show up in most of the right places.
It does show up on the tax summary/schedule, but under Transfers, not under Income, which is what it is & where I'd prefer to see it. No solution for that?

I have a category called IRA Distribution (I think it's a default one) that's assigned the Total IRA taxable dist. line item, but it doesn't get used by the system; I guess I assumed that a withdrawal from an IRA account would be assigned there automatically, but apparently not.

Rocket J Squirrel

The IRA distribution shows up under Transfers, but it is added to overall income. That's as good as it gets.

The category is unused because the IRA account itself has the tax line item assigned to transfers out. I see no need for that category to exist under usual circumstances.

Jim_Harman

Try the Banking > Cash flow report. On the Display customization tab, set the Organization to Cash flow basis and on the Advanced tab, set Transfers to Exclude internal.

Transfers from the IRA will show up as an Inflow of FROM Account-name and transfers within banking accounts will be excluded from the report.