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

I used WriteChk in my IRA but there is no way to print the checks.

Ken Boyer
Ken Boyer Member
edited March 29 in Investments (Windows)
The account list shows three checks to print. When I click on print checks, the IRA account does not show up as the account from which to print checks. What do I do?
2
2 votes

New · Last Updated

Comments

  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    Use the Enter Transactions button to record your Write Check transaction in the IRA. At the bottom of that dialog there is a Send this check to printing queue button.
    QWin Premier subscription
  • Ken Boyer
    Ken Boyer Member
    Yes, I checked that, and clearly they exist in the print queue since they show up in the symbol on the account list, but when I open the print checks dialog, the IRA account is not shown as one from which I can write checks.
  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    I've never used the "Write and Print Checks" tool, but I just tried it and NO retirement Accounts showed up as an Account where I could write a check.  This was even after I did establish a test check in my HSA Account.
    Despite the fact that "Write Check" (WriteChk) is one of the available actions available within the Account it looks to me like that information doesn't flow up to the Write and Print Checks tool.  A search of Quicken Help about this subject didn't turn up anything.
  • UKR
    UKR SuperUser ✭✭✭✭✭
    Found the following in an archived Community discussion from May 2018, https://community.quicken.com/discussion/7729642/qwin-printing-checks:

    This is sort of a Catch-22 situation ...

    Yes, one can write checks from an IRA account. My brokerage also sent me a checkbook with a handful of personal checks.
    But the Write Checks dialog in Quicken does not support it. The IRA account is not available to be selected. And an IRA account cannot have a linked Cash/Checking account associated with it either.

    Assuming, of course, that you have computer-printable Quicken-compatible pre-printed checks ...

    Maybe it's time for the Quicken programmers to remove whatever restriction they have and allow checks to be printed from an IRA account.

    Hello, Quicken programmers, are you listening?



  • Ken Boyer
    Ken Boyer Member
    Thanks. This is exactly what I was afraid of--that quicken has not updated their software to account for the fact that you can now write checks on an IRA. Given the new tax laws, there will be much more IRA check writing in the future, so this will be a continuing problem.
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    For background, check writing from an IRA is often used for Qualified Charitable Distributions. For those who are subject to RMDs, this is a way to effectively receive a tax deduction for charitable donations even if you do not itemize deductions.

    If you would like Quicken to make improvements in this area, please review and vote on this Idea post
    https://community.quicken.com/discussion/7864626/improve-handling-of-ira-distributions-qcds-and-roth-conversions  
    QWin Premier subscription
  • UKR
    UKR SuperUser ✭✭✭✭✭
    edited April 6

    A Community Moderator changed this discussion to an Idea.
    Ideas are brought to the attention of the programmers for consideration.

    Everyone, including the person who initiated this discussion …
    If you would like to see this enhancement made in a hopefully not too distant future version of Quicken please don't forget to vote on it. Locate the big blue (now yellowish) box near the top of this webpage (or page 1 for long discussions) and click the "Up" triangle under the voting count.

    Wait a moment for the vote count to be registered and updated before you continue.
    The little triangle changes from grey to black when you have registered your vote.
    Adding extra comments helps, but does not automatically increment the vote count.

    Every vote counts!

    For additional information about idea posts please read  https://community.quicken.com/discussion/7849425/creating-and-voting-for-ideas-in-the-community#latest


  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    edited March 29
    .....
  • Tom Scott
    Tom Scott Member ✭✭
    Until they can fix this, I did a little workaround. I created an new Checking Account called QCD Checking. I then did a Transfer from the IRA Account to the QCD Checking account. I then wrote a wrote a check from QCD Checking to the charity. I categorized as a QCD Distribution, which is how it would have been categorized in the IRA Account. I was then able to Print the check on my printer.
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    I think you will also find that writing the check from a taxable account causes it to be recorded correctly in Quicken's tax reports, which would not be the case if you wrote it directly from the IRA account.
    QWin Premier subscription
  • Tom Scott
    Tom Scott Member ✭✭
    The 1099 from Schwab reports them as normal distributions. You have to keep track of QCDs on your own and report them on 1040 as a QCD reduction from Normal Distribution. That is why I normally categorize them as an expense called IRA QCD with Tax Item of Form 1099R Gross distribution.
Sign In or Register to comment.