Fed:Tax payment from IRA account won't show up as expense on reports

When I have my broker make a Fed:Tax payment from my IRA account it will not show up on my reports as an expense. Why?

Best Answer


  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    edited January 2020
    A withdrawal from an IRA account (except in certain very limited circumstances), is taxable to the account holder for federal (and perhaps) state purposes.  If the withdrawal is passed on, or if the check is made directly payable, to the IRS, then you also have an "expense" (technically a prepayment really) that should be reflected in Quicken as a federal tax payment.  If you are under age 591/2 there is also a 10% penalty involved (which is not tax deductible)
    You will have to record these entries (maybe not on the IRA distribution - if you download) manually in Quicken.
    (I am not providing tax or legal advice, if you have tax or legal questions, you should consult a professional.)

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