Investment transactions Mac vs windows

Tony Dalia

Jus switched to Mac and I have Quicken subscription. In windows, when the fifteen normal required minimum distribution monthly transactions downloaded, I would just reconcile each state and federal tax and the remaining balance to the receiving bank account. Some work but quite straightforward. On the Mac, the transactions download but I cannot reconcile them like I did in windows. What is the best practice on Mac? I expected differences, but also an avenue to an end.

Quicken_Tyka

Hello @Tony Dalia

Thank you for taking the time to visit the Community to post your issue, although I apologize that you have not received a response.

First, how are you unable to reconcile the transactions? Do you have a balance discrepancy or are you unable to access the reconcile tool?

What is the transaction "Type" for the transactions in question?

 

At this time, the Mac version can only reconcile a cash balance and does not have the ability to reconcile the share balance. There is an Idea available here, that you may vote on.

Please let me know so we can see what options we get you the information you are needing!

-Quicken Tyka 

Tony Dalia

I am trying to transfer the cash entry into the checking account where it ws credited. Example:
payment/deposit|adjust balance to remove cash|amount
The above entry was from how I did it in QWin, and how it came into QMac
but in QWin I was able to transfer it right into the bank account
Thank you
P.S. How does one vote on an idea?

jacobs

@Tony Dalia  I'm still trying to understand what you're not being able to do.

Quicken Windows allowed an investment sale with a transfer of the cash balance in one transaction (SELLX or DIVX). In Quicken Mac, that process is done as two separate transactions: one to record the sale or receipt of dividend income, a second to do the transfer to your destination account.

So in your IRA account, you'd record the Sale of the security, which creates a cash balance in the account.

In your checking account, create a transaction for Transfer RMD (or whatever you want to call it). If there are not taxes, then the transaction amount is the total amount you sold in the IRA. If you had taxes withheld, then the transaction amount would be for the net amount moved to your checking account, with two (or more) split lines: the first split line would be a transfer from the IRA account for the gross amount of your sale; the second split line would be for the difference, applied to the category for federal tax withheld (and another if you had state tax withheld).

That gets all your accounts to have the correct dollar amounts: your IRA account is back to a zero cash balance, and your checking account has the correct cash you received. But there's another wrinkle if you want to use Quicken's Tax Schedule report to show your taxable income from this transaction.

Quicken doesn't include any activity in an IRA account in the Tax Schedule report. So you need a way to identify the money that came out of the IRA was, in fact, taxable income. Quicken Mac doesn't have a straightforward way to do this, so you need to use a little trickery.

In the same transaction in your checking account which does the transfer you need to add two more split lines: (1) Use Category "Personal Income:Taxable IRA Withdrawal", which is assigned to the proper 1099-R tax line for the Tax Schedule report, with the amount of your total RMD withdrawal. (2) Use category "Adjustment" or "Transfer" for the negative of the same amount.

What? Why? First, it's important hat this transaction be entered in the checking account, not the IRA account, because income in an IRA account doesn't show up in the Tax report. Second, the split categorized to "Personal Income:Taxable IRA Withdrawal" creates the taxable income which will show up in the Tax report. But it's a one-sided transaction; the opposite split using the category "Transfer" or "Adjustment" utilizes one of the two special categories that instruct Quicken not to include it in any report. It's a bit odd to have to do these gymnastics -- especially since many Quicken users are probably or RMD age! -- but that's the way to get it done unless/until they add a special feature for taxable RMD withdrawals.

jacobs

P.S. I've created an Idea post for a feature enhancement to make taxable retirement withdrawals a simple transaction. Please vote for it by going to this post and clicking the little gray arrow under the vote counter in the big blue box.