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recording IRA RMD.

Saw old FAQ: "Best way to handle distributions from IRA". This made sense so I tried it. Both my IRA and my bank account are in Quicken (2017 on Windows). Quicken would not let me change the transfer transaction (from the IRA to the savings account). into a "deposit" as recommended. So although I transferred the gross instead of the net (as recommended), it is still not considered taxable income because it is a transfer (not a deposit. )
NOTE: If I completely delete the old transfer to savings and replace it with a deposit, I loose the connection between the from and the to accounts.
Is there something I do not get?

Also, I think that with this method I double report the withholding.

Answers

  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Which Q product are you running?  And what BUILD of that product?  Do HELP, About Quicken for this info.
    AND, have you set the Tax Attributes for the IRA account so that a transfer out of the account is assigned to an appropriate tax line?
    And, you're correct to transfer the Gross amount transferred into Savings and then SPLIT the transaction in the Savings Account to reflect the Gross amount as being transferred and then a Tax line (with a negative dollar amount) to reflect any taxes withheld.  The NET is what will then show in your  Saving account as the amount actually received into that account.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
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