How to enter Retirement Distribution as transfer to checking account

dwneas

When I take a distribution from my retirement account it is a transfer to my bank checking account but where do I post the entry to retirement income and my bank?

NotACPA

Do TOOLS, Account List and click the EDIT button adjacent to the Retirement account name.

Click Tax Schedule at the bottom of that Account Details dialog and set the "Transfers Out" attribute to reflect the proper IRS form and line.

AND, if you're having taxes withheld from the distributions, transfer the FULL amount to your checking account and then edit the transaction in the checking account to split the transaction and reflect the actual amount received and the taxes withheld.

Ps56k2

EDIT - updated topic title to better reflect the actual Q&A

BTW... is this a RMD - or some other distribution

dwneas

Thank you for your reclassification and it is both a RMD and other.

NotACPA

Do TOOLS, Account List and click the EDIT button adjacent to the Retirement account name.

Click Tax Schedule at the bottom of that Account Details dialog and set the "Transfers Out" attribute to reflect the proper IRS form and line.

AND, if you're having taxes withheld from the distributions, transfer the FULL amount to your checking account and then edit the transaction in the checking account to split the transaction and reflect the actual amount received and the taxes withheld.