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USAA IRA withdrawal, with taxes taken out, didn't work right

Going through my stuff, I noticed Quicken had $16,641 in cash in our IRA that our bank did not. After snooping around I found the transaction lines as shown in the attached image.

The plan was to take out $25K and pay the FED and State taxes. This worked the bank's end ok, but Quicken instead appears to have made the tax payments interest and a deposit to our IRA.

Correct me if I'm wrong, but I think I should just change the amounts in the Tax lines to a negative.

Thanks,
George
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Comments

  • Chris_QPWChris_QPW Member ✭✭✭✭
    Note I'm going on what happens in the Windows version, but it sounds like the same thing that happens in the Windows version happens in the Mac version.

    It didn't work because you are in a tax deferred account. You can't record "tax events" in that account. You have to make a transfer out of the account to say your checking account and split off the tax lines there.
    (I'm using the latest Quicken subscription version)
  • Thanks for your response. But I didn't record the transaction as such. I called USAA and told them to move $25K to two different accounts and withhold taxes. The image is what Quicken did. Posting USAA info as a interest deposit, rather than a Tax withdrawal.

    This is the only time we have asked them to withhold taxes. Apparently there is a disconnect between USAA's tax withholding and Quicken's interpretation, code wise. Probably a mute point as USAA is moving their brokerage accounts over to Swab. BUT, it may be something of interest with other brokerage accounts..
  • Chris_QPWChris_QPW Member ✭✭✭✭
    Oh I see, yet that is a problem different from what I was thinking of what happens in Windows version. In the Windows version the transactions "make sense", but when the person looks to the tax reports it isn't reported correctly, because it doesn't include tax events from a tax deferred account.
    (I'm using the latest Quicken subscription version)
  • The basic problem is that for whatever reason, Quicken did not recognize the tax lines as a withdrawal. Could be USAA's fault. None the less, I'm eternally grateful for all the hard work these coders put in making my life easier! Just trying to help by reporting these little glitches, and verifying I'm not missing something. I changed the values to a payment and am now settled.
  • Chris_QPWChris_QPW Member ✭✭✭✭
    Thanks for reporting it.

    BTW you should also be able to report it by selecting Help -> Report a problem (I believe this is in the Mac version like it is in the Windows version)
    (I'm using the latest Quicken subscription version)
  • Didn't notice that (see attached). Thanks. But then the community might not learn of the problem. And I might have missed something. cheers!
  • Chris_QPWChris_QPW Member ✭✭✭✭
    Yes reporting it in both places is a really good idea.
    (I'm using the latest Quicken subscription version)
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