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How record non-taxable dividends from an IRA?

LorraineCWilsonLLC

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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Accepted answers

NotACPA

Since the IRA account is, itself, Tax free, you don't need to use those "TaxFree" categories.

Use the regular _IntInc and _DivInc categories for these transactions.

All comments

NotACPA

Since the IRA account is, itself, Tax free, you don't need to use those "TaxFree" categories.

Use the regular _IntInc and _DivInc categories for these transactions.

LorraineCWilsonLLC

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

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.

CraigT

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

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_lurker

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.