how do I record a IRA withdrawal
REB2021#
Quicken Windows 2017 Member
Answers
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See this FAQ: FAQ - Best way to handle distributions from IRA
-splasher using Q continuously since 1996
- Subscription Quicken - Win11 and QW2013 - Win11
-Questions? Check out the Quicken Windows FAQ list0 -
One way of doing this - I think the best way - is to simply transfer the GROSS amount of the distribution to the checking Account, even though that's not literally what happened if you had taxes withheld by the IRA trustee.Then, over in the checking Account you edit that deposit, by splitting it to reflect any taxes withheld, leaving the first line "as is" and then adding lines to show the taxes withheld. The picture shows this for a $500 GROSS distribution that eventually ends up as a NET deposit of $440 after taxes.1