how do I record a IRA withdrawal

I want to move my required IRA distribution to my checking account

Answers

  • splasher
    splasher SuperUser ✭✭✭✭
    -splasher  using Q since 1996 -  Subscription  -  Win10
    -also older versions as needed for testing
    -Questions? Check out the  Quicken Windows FAQ list
  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    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.


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