How record non-taxable dividends from an IRA?

LorraineCWilsonLLC
LorraineCWilsonLLC Member
edited February 16 in Investing (Windows)
I record interest from an IRA as _IntIncTaxFree but I am unable to use the parallel category for dividend income _DivIncTaxFree. The category exists, but the way Quicken structures the income transaction there are specific boxes fro dividend, capital gains, etc, but no way to distinguish non-taxable. How can I do this?
I am using Quicken2017 on Windows

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Answers

  • Thank you for answering my two questions. I do have a follow-up on my RMD question, but, right now, I am OBE (Overcome by Events) I hope you remember my original questions when I finally get back to you
  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    Well, if you post it as a Comment in this same thread ... I won't have to remember anything.
    Best of luck with your events.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • CraigT
    CraigT Member ✭✭
    The problem is that the dividends then show up in Reports as part of taxable dividends and capital gains. I would prefer a category where I can separate taxable from non taxable.
  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    CraigT said:
    The problem is that the dividends then show up in Reports as part of taxable dividends and capital gains. I would prefer a category where I can separate taxable from non taxable.

    NOT TRUE if the entire account is set as being "Tax Deferred" on the Account dialog.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    CraigT said:
    The problem is that the dividends then show up in Reports as part of taxable dividends and capital gains. I would prefer a category where I can separate taxable from non taxable.
    In TAX reports, where such separation is required, Quicken by default omits the tax-deferred accounts.  Users should not be including tax deferred accounts in Quicken's tax reports.  Tax-free interest and dividends within a taxable account are reported separately as defined by the security setting.  

    In other reports, it is your choice what accounts you include.  But a dividend is still a dividend.  For example, a dividend from Apple is just that, regardless of the account it is in.

    A user does have the capability to record a transaction as MiscInc and thereby assign the category _DivIncTaxFree or _IntIncTaxFree to the transaction.  I don't recommend that approach for this type of circumstance, but it becomes your choice.      
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