registering retirement income

TomPlant

Hi - I track both my retirement account and my bank account in Quicken - when I get a monthly payment from my retirement account, it is registered as a "transfer" between the two accounts - however, because it's a transfer, it doesn't show up in my income/expense report as "income". Any ideas on how I should register this so it shows up as income?

Thanks!
Tom

J_Mike

@TomPlant

I think what you are looking for is a cash flow report - as opposed to an income/expense report.
QMac has just recently released revised report templates that should give you what you are looking for - or at least close to what you are looking for.

Example - Under the Reports tab, select Create Transaction Report.
When you get to the customize dialog, select the Advanced tab.
For Organization, select Cash Flow.
There are 3 options for handling Transfers - the default is exclude all.

To get started I would suggest a very basic short term report that looks only at your checking account[ i.e., customize to include only your checking account - exclude all others. This report displays all checking account expenditures plus al transfers in and out. It indicates how close you are to balancing cash flow over the selected time period.

The next phase might be to include your credit card accounts in addition to checking.. If you are in the practice of paying the full balance due each month, then CC expenditures are very close to a "current" cash outflow situation.

There are many options you can create - it depends on what you are looking. My frequently used options are the two above.

I am also retired and have gradually migrated from the approach of managing income/expemse to one of managing (balancing) cash flow. 

NotACPA

In the retirement account setup, set the "Transfer Out" tax attribute to reflect the appropriate IRS tax form and tax line.

TomPlant

I guess I should clarify - this is an investment account that my financial advisor transfers a monthly "retirement income" from - I didn't see the tax attributes in the investment fund, maybe that's just for IRAs and things like that?

NotACPA

But is that "investment account" a Taxable account, or a Tax Deferred account?  Because if it's a Taxable account, the transfers from the account to your checking account aren't taxable ... not matter what the financial advisor calls them. Just like moving your wallet from pocket to pocket isn't taxable.

In Q, do TOOLS, Account List, and click EDIT adjacent to the account name to see what's setup there.

volvogirl

Let's put it this way.  At the end of the year do you get a 1099R for Distributions from it or a 1099B for sales or 1099Div for Dividends?

TomPlant

I believe it’s a 1099R - but, I’m not concerned about the tax stuff - what I’m trying to do is have my income/expenses balance out. Because the retirement income is booked as a transfer from one account to another (brokerage to checking) it’s not seen by Quicken as income. I see how that’s very beneficial when, for example, paying a credit card - but I would like my income to come in as income. I think there’s maybe not a way to do that and that I just need to change it from a transfer to spending from one account and income to the other. Does that sound right?

Thanks,
Tom

NotACPA

Because if it's a taxable account, the transfer from brokerage to checking is NOT INCOME.

It's just moving the money from 1 taxable pocket to another.

THUS, it IS a "tax stuff".

Please answer the questions that I asked earlier if you need help with this

Scooterlam

Apologies,  responded as if the question was for QW!  <Delete>

J_Mike

@TomPlant

I think what you are looking for is a cash flow report - as opposed to an income/expense report.
QMac has just recently released revised report templates that should give you what you are looking for - or at least close to what you are looking for.

Example - Under the Reports tab, select Create Transaction Report.
When you get to the customize dialog, select the Advanced tab.
For Organization, select Cash Flow.
There are 3 options for handling Transfers - the default is exclude all.

To get started I would suggest a very basic short term report that looks only at your checking account[ i.e., customize to include only your checking account - exclude all others. This report displays all checking account expenditures plus al transfers in and out. It indicates how close you are to balancing cash flow over the selected time period.

The next phase might be to include your credit card accounts in addition to checking.. If you are in the practice of paying the full balance due each month, then CC expenditures are very close to a "current" cash outflow situation.

There are many options you can create - it depends on what you are looking. My frequently used options are the two above.

I am also retired and have gradually migrated from the approach of managing income/expemse to one of managing (balancing) cash flow. 

TomPlant

@J_Mike - that sounds exactly right - thanks a lot, I’ll try that!