I need the categories for taxes from ira account into a checking account.

The ira withholds taxes. Where do I put refunds and payment.

Answers

  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    Please review this FAQ discussion
    https://community.quicken.com/discussion/7072150/faq-best-way-to-handle-distributions-from-ira

    and post back if you have further questions.
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  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Transfer the ENTIRE amount from your IRA to your checking account.
    In the checking account, SPLIT the transaction and show the total amount as a positive figure and a transfer.  On the next line, show any taxes withheld as a NEGATIVE number resulting in  a net amount that's actually a credit to your checking account.
    The category for that tax amount can be anything that you want ...  but you'd almost surely want to have an appropriate TAX LINE associated with the category. Since I'm retired, I use the "Fed Tax Withheld" category that's a carryover from  when I received a paycheck.
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  • jjstump
    jjstump Member
    https://community.quicken.com/discussion/7072150/faq-best-way-to-handle-distributions-from-ira. This link is for a mm acct and has a deposit button the checking acct has no button for a deposit if I read that right.
    What do I do with "Fed Tax Withheld" category when i pay my taxes and refund amount?
    Thanks
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    I'd need to see a picture to understand what you're talking about re: buttons.
    When you file your tax return, you report the amount in that category as "Fed tax withheld"
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    NotACPA said:
    I'd need to see a picture to understand what you're talking about re: buttons.
    When you file your tax return, you report the amount in that category as "Fed tax withheld"
    It is discussed in the link @jjstump provided.

    @jjstump the "Deposit" the thread talks about isn't a button, and the reason you can't find the transaction type is because the thread is talking about using two investment accounts, one is an IRA and the other is a tax able investment account.  You are in a checking account.

    As @NotACPA said above you want to start with a transfer from the IRA account and in the check account select this button on the transaction line to start/enter the split amounts/categories.

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  • jjstump
    jjstump Member
    Button was poor choice of words. I see that now. Thanks for all the help.
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