Accounting for IRA Distributions -- still not working

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?

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Answers

  • Rocket J Squirrel
    Rocket J Squirrel SuperUser, Windows Beta ✭✭✭✭✭
    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.
    Quicken user since version 2 for DOS, now using QWin Premier Subscription on Win10 Pro.
  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    " 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
    Sherlock SuperUser ✭✭✭✭✭
    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
    jstu101 Member ✭✭
    PS: W10, Quicken Home & Bus. 2019
  • jstu101
    jstu101 Member ✭✭
    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.
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