Properly Reporting Income in Tax Deferred Account

Moskose

I am fairly new with Quicken and have a question about properly setting up IRA accounts. The accounts are at Fidelity and when I created them, I selected the IRA account type (Some is a Rollover IRA from my 401K, and some is an SEP IRA from a retirement hobby/job). Quicken is showing all the daily transactions and reporting them as dividend income. I thought this will only be income to me, when I take a distribution from the IRA. Is there something I need to do so these are not categorized as income?

q_lurker

They are income to you.  They are just not taxable income.  In my opinion, one should recognize them as income as it relates to performance of the overall investment strategy you have chosen.

The various tax reports will by default exclude those accounts from determining taxable income, as will tax planner features.

Moskose

Thanks for the quick reply!

Jim_Harman

If you don't think of the income in retirement accounts as "income" you can exclude those accounts from your reports the way the tax reports do.