Properly Reporting Income in Tax Deferred Account

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?

Answers

  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    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
    Moskose Member ✭✭
    Thanks for the quick reply!
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    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. 
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