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My Tax Schedule is not showing IRA total taxable distributions since Feburary

RandyB

Hi, I am a long time user of QW and have been doing RMD withdrawals for a number of years. But this year the Tax Schedule does not show distributions for Mar, Apr, May, and June. But it does show the Federal Tax Withholdings. All previous years went fine. The checking account shows everything is ok.
My IRA is with Vanguard. Their transfers out are Net and another for withholding. My Transaction is initiated from Checking which shows the Gross transfer and then federal withholding, which results in a net to checking. I get 3 transactions from Vanguard; sell of MM to cash (accept), then net distribution and withholding (which I delete). I have looked at these multiple times and I can't see anything different except they they don't show up in the Tax schedule.
Also, there is one other annoying anomaly in QW. If you do a withdrawal early in the year you get a popup asking about your contribution; which year it is for. Even though it is a withdrawal and not a contribution.

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Accepted answers

RandyB

Your previous message did spur me to try something really crazy. Delete the transaction and do it all over again. That seems to work, while editing and saving did not.

All comments

Sherlock

For each of the missing distributions, I suggest you select the transaction in the Checking account, press Ctrl + S, select the Gross transfer entry, Edit > Tax line item assignments, 1099-R: Total IRA taxable distrib. in the Tax item: pull-down menu, and OK.

RandyB

If that would have worked it would have worked for the multiple times I have tried it. For whatever reason, it doesn't work. You would think doing the same thing over and over would fix it. But nope.

Sherlock

RandyB said:

If that would have worked it would have worked for the multiple times I have tried it. For whatever reason, it doesn't work. You would think doing the same thing over and over would fix it. But nope.

I suggest you review: https://www.quicken.com/support/advanced-data-file-troubleshooting-correct-problems-quicken-windows

RandyB

Your previous message did spur me to try something really crazy. Delete the transaction and do it all over again. That seems to work, while editing and saving did not.

Boatnmaniac

I sounds to me like Quicken is thinking your IRA withdrawal is being transferred to another tax deferred account. That would cause your net amount to not show up in Tax Schedule and would also cause that popup to come up because it would make Quicken think you are funding a different tax deferred account Did you check to make sure your checking account did not somehow get changed to a tax deferred account? If "Yes" is checked, change it to "No" and that should resolve both of the issues you raised. (Account Details > General tab > Tax Deferred > No).

Image: https://us.v-cdn.net/6031128/uploads/editor/y8/cx5d0kj24ozj.png

Another thing you might want to do is check the Tax Schedule for your IRA account (from the Account Details General tab for your IRA account) to show that transfers out of the account are associated with the correct tax line item. Here is how I have mine set and it works just like it should in Tax Schedule and Tax Summary.

RandyB

I appreciate your input. But none of those things were in error. The IRA is tax-deferred, the checking is not, And my Tax schedule information is/was correct too. Like I said; I deleted one month's transaction and re-entered it, and it showed up correct in the Tax Schedule. Three more to correct. Maybe there was an error in the reminder. But then I already deleted that and created a new one there too. Not sure why editing the transaction did not work either. I have been doing RMD's for a few years, and this is the first time I had this problem. Didn't notice for a while, but who checks their Tax Schedule output regularly? :-)

jfclague

Boatnmaniac said:

I sounds to me like Quicken is thinking your IRA withdrawal is being transferred to another tax deferred account. That would cause your net amount to not show up in Tax Schedule and would also cause that popup to come up because it would make Quicken think you are funding a different tax deferred account Did you check to make sure your checking account did not somehow get changed to a tax deferred account? If "Yes" is checked, change it to "No" and that should resolve both of the issues you raised. (Account Details > General tab > Tax Deferred > No).
Another thing you might want to do is check the Tax Schedule for your IRA account (from the Account Details General tab for your IRA account) to show that transfers out of the account are associated with the correct tax line item. Here is how I have mine set and it works just like it should in Tax Schedule and Tax Summary.

What are your Tax Schedule Information for your Roth accounts (since it would be a non-taxable event?

Thanks,
Jim

Boatnmaniac

jfclague said:

Boatnmaniac said:

I sounds to me like Quicken is thinking your IRA withdrawal is being transferred to another tax deferred account. That would cause your net amount to not show up in Tax Schedule and would also cause that popup to come up because it would make Quicken think you are funding a different tax deferred account Did you check to make sure your checking account did not somehow get changed to a tax deferred account? If "Yes" is checked, change it to "No" and that should resolve both of the issues you raised. (Account Details > General tab > Tax Deferred > No).
Another thing you might want to do is check the Tax Schedule for your IRA account (from the Account Details General tab for your IRA account) to show that transfers out of the account are associated with the correct tax line item. Here is how I have mine set and it works just like it should in Tax Schedule and Tax Summary.

What are your Tax Schedule Information for your Roth accounts (since it would be a non-taxable event?

Thanks,
Jim

Hi, Jim. Roth IRA distributions are non-taxable events but they will still be reported to you and the IRS on a 1099-R form. Quicken defaults the tax line item for Roth IRAs to 1099-R: Total IRA gross distrib. (one line above what is shown above for an IRA). It will then show up as a 1099-R income distribution in the Tax Schedule report but will be separated from the 1099-R taxable IRA distributions, as it should.

Roth IRA distributions only become non-taxable when you use Form 8606 (not included in Quicken) to calculate the taxable portion of the distribution and then enter that data and your 1099-R data into your Form 1040.

FYI - Tax Planner does not capture your Roth IRA distributions as income as long as you use the default tax line item of 1099-R: Total IRA gross distrib..