I am moving RMD from Investments to checking.

I changed the category from [Investment] to RMD in the checking account. I subtracted Fed Taxes Withheld. The transfer in Investments show [Checking]. Will this mess up the reporting process? I this an OK way to classify transfers???


  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    edited March 2020
    You shouldn't be seeing what you're describing because you are taking a balanced entry - the transfer - and making it an unbalanced entry.
    When I tried to do what you described - made the transfer and then over in the checking Account changed the Category from [From Account] to an income Category - Quicken warned me that doing so would eliminate the entry in the "from" Account.  When I continued anyway the money settled in the checking Account OK with the correct Category, but the entry in the "from" Account disappeared.
    Are you sure about what you're reporting here?
    The best way to account for an RMD distribution is to start in the "to" Account, entering the net amount received in the Account, and then split that entry showing the gross transfer out of the "from" Account with the various taxes deducted as negative amounts.