Tax Schedule does not show money removed from IRA as income

Mary Ann Edson-Plumb

When I run a Tax Summary Report, the funds I've removed from IRAs don't show up as income at all, yet they are taxable. The taxes I have paid on the distributions show, but not the corresponding income. Of course, the income doesn't show up as taxable in the Quicken IRA account, but how do I get it to show as taxable income once I've transferred it to my Quicken checking account? I can't change the Category, which shows the account the money is transferred from, so I'm not sure what to do.

Mary Ann Edson-Plumb

Thanks, Jim_Harman. I used a Withdraw transaction. I do see one other anomaly. With the accts set as markus1957 suggests and the Tax Summary report set to include retirement accounts, I wind up getting transactions included in the Realized Gain category of the report that do not reflect funds leaving the account. For example, I sold a stock in an IRA account and there was a gain on it. That money all stayed in the retirement account to be reinvested, but now shows as realized gain in the report, when it is not in fact realized since it's still in an IRA and no funds left the account. Have any suggestions about that?

markus1957

In the IRA account, Edit Account Details using gear icon upper right corner.  Click Tax Schedule button at bottom of window.  From pull-down menu, transfers out, select 1099R- Total IRA taxable distrib.

adding- they will show up at the bottom of the report as transfers.

Mary Ann Edson-Plumb

Thanks! As I checked per your instructions, all my IRAs were already set up this way. My error was in running the Tax Summary, as the default for the report does not include 1099-R income. You have to go into the accounts section of the report setup and specifically include them.

Jim_Harman

When you removed the money from the IRA, did you use a Withdraw transaction, did you transfer it to another IRA, to a Roth, or to one of your taxable accounts?

How you removed the money will affect how it shows up in the reports.

Mary Ann Edson-Plumb

Thanks, Jim_Harman. I used a Withdraw transaction. I do see one other anomaly. With the accts set as markus1957 suggests and the Tax Summary report set to include retirement accounts, I wind up getting transactions included in the Realized Gain category of the report that do not reflect funds leaving the account. For example, I sold a stock in an IRA account and there was a gain on it. That money all stayed in the retirement account to be reinvested, but now shows as realized gain in the report, when it is not in fact realized since it's still in an IRA and no funds left the account. Have any suggestions about that?

Frankx

Hi @Mary Ann Edson-Plumb

It is likely that the realized gain is actually NOT included in the total 1099-R income amount and therefore the reporting is correct.  You actually did realize that gain on the sale, and Quicken is simply reporting that.  If you want to double check this, compare the total amounts "transferred to your checking account" (i.e. - that you believe you actually withdrew) to the Tax Summary reported amount.

Frankx

Mary Ann Edson-Plumb

Hi @Frankx
I'm sure you are right. I was looking to the Tax Summary to be a high level look at tax related events. So mixing a tax-free swap in with genuinely taxable realized gain is a little mushy for my purposes, but all these tools all have limitations. I got around it by excluding the affected IRA from the report, since it had no other taxable events in it.
Thanks,
Mary Ann