Quicken Community is moving to Single Sign On! Starting 1/22/21, you'll sign in to the community with your Quicken ID. For more information: http://bit.ly/CommunitySSO
How to categorize IRA Distributions for tax reporting

I have just started taking distributions from an Inherited IRA. The activity downloaded into the Inherited IRA Account set up in quicken. I am a long time sufferer using Wells Fargo Bank & Wells Fargo Advisors. The activity downloaded into the Inherited IRA Account along with the Fed & State tax W/H amounts. WFA showed the transfer of the Net funds in my muni bond account which is what I decided to use as the destination.
Since the Inherited IRA account is set up in the retirement section the 1099-R's does not show up in the tax Schedule.
So here is what I did but backed up the file prior to doing this:
1. Deleted the W/H line items from the IRA account
2. Adjusted the transfer to the Muni Account to reflect the gross $$, than made sure the transfer was set up correctly in Qm between the IRA & Muni account
3. Setup the following Categories:
a. Inherited IRA Distribution: 1099-R..ira federal tax w/h..checked the expense box in the category
b. Inherited IRA Distribution: 1099-R..ira State tax w/h..checked expense box in the category
4. In the destination register which in this case is the Muni account register , edited the gross amount and set up splits to reflect the tax w/h, fed & state.
As a result the fed & state w/h shows up in the Tax Schedule as an expense which I think is correct & the only way to make this work properly.
Both accounts in question appear to be correct but in the spending wheel I show only the Fed w/h not the state w/h. When I click on the wheel the transaction appears as I believe it should.
So my question is why does the spending wheel not reflect the state w/h ?
Since the Inherited IRA account is set up in the retirement section the 1099-R's does not show up in the tax Schedule.
So here is what I did but backed up the file prior to doing this:
1. Deleted the W/H line items from the IRA account
2. Adjusted the transfer to the Muni Account to reflect the gross $$, than made sure the transfer was set up correctly in Qm between the IRA & Muni account
3. Setup the following Categories:
a. Inherited IRA Distribution: 1099-R..ira federal tax w/h..checked the expense box in the category
b. Inherited IRA Distribution: 1099-R..ira State tax w/h..checked expense box in the category
4. In the destination register which in this case is the Muni account register , edited the gross amount and set up splits to reflect the tax w/h, fed & state.
As a result the fed & state w/h shows up in the Tax Schedule as an expense which I think is correct & the only way to make this work properly.
Both accounts in question appear to be correct but in the spending wheel I show only the Fed w/h not the state w/h. When I click on the wheel the transaction appears as I believe it should.
So my question is why does the spending wheel not reflect the state w/h ?
0
This discussion has been closed.
Answers
I think you will need to provide some screenshots to show exactly what you have done and the results.
PS: I assume by spending wheel you are referring to the Spending By Category wheel on the Home tab.
macOS Mojave 10.14.6
summary, not a biggie as the transaction is correct where it matters just thinking the wheel issue might be a bug. Thanks for the response.
A picture is worth a thousand words.
macOS Mojave 10.14.6