Why is 401K rollover not showing on Tax Schedule Report

Steve Sucher

I rolled my former 401K to IRA in April 2019. Now working on my taxes and the Tax Schedule Report is not showing up. I was only tracking cash balances in the 401K account. That account was set up as a tax deferred investment account. Transfers out from this account are to be reported as 1099-R pension gross distribution. Used 'Withdraw' action to transfer cash balance to new IRA investment account. Tax Schedule report is not showing this withdrawal.

Jim_Harman

Quickens's tax reports exclude tax deferred accounts and thus do not "see" transfers between them.

A rollover from a 401(k) to a traditional IRA should not be taxable, so having the gross distribution show up on the tax report would not affect your tax liability.

If this was a Roth conversion, which is taxable, one way to get the distribution to appear on the tax reports would be to record it in Quicken as transferred to a taxable account followed by a transfer to the Roth.

If you think Quicken should have better support for this type of transaction, please consider voting on this product idea post
https://community.quicken.com/discussion/7864626/improve-handling-of-ira-distributions-qcds-and-roth-conversions

Steve Sucher

Forgot to mention using Quicken Premier on Window - latest version

Jim_Harman

Quickens's tax reports exclude tax deferred accounts and thus do not "see" transfers between them.

A rollover from a 401(k) to a traditional IRA should not be taxable, so having the gross distribution show up on the tax report would not affect your tax liability.

If this was a Roth conversion, which is taxable, one way to get the distribution to appear on the tax reports would be to record it in Quicken as transferred to a taxable account followed by a transfer to the Roth.

If you think Quicken should have better support for this type of transaction, please consider voting on this product idea post
https://community.quicken.com/discussion/7864626/improve-handling-of-ira-distributions-qcds-and-roth-conversions

Steve Sucher

I agree a rollover is not taxable. But an entry should appear on report for the transfer out and transfer in to show the 'wash' of the 1099-R and 5498 forms.

Quicken sees the transfers between the 2 accounts but chooses not to report, possibly because it is a wash. Maybe Quicken should leave the choice with the user and give us an option as to whether to report or not.

Thanks for the reply.