How to record a lump sum payout for Pension Plan

After leaving my latest job, I am receiving a lump sum payment for my pension (which I was not even aware we were paying into). Our paychecks did not indicate how much per paycheck were being put into the pension or anything like that. It is a lump sum payout of about 15k. How should I be recording this transaction in Quicken? I typically record my paychecks using the paycheck function

Answers

  • Mark1104
    Mark1104 Member ✭✭✭✭
    I'd set up a new income category called 'pension income' and post the $15k to that new category.   

  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Is this payout going into your checking/savings account (which would make it taxable) OR is it going into an IRA or other retirement type account?  This would determine the Tax line associated with that suggested new category.
    All of this (including @Mark1104's response), assume that you have no record of this account in Q.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • f_stopblues
    f_stopblues Member ✭✭
    > @NotACPA said:
    > Is this payout going into your checking/savings account (which would make it taxable) OR is it going into an IRA or other retirement type account?  This would determine the Tax line associated with that suggested new category.All of this (including @Mark1104's response), assume that you have no record of this account in Q.

    This is going into a IRA. (It will be a rollover)
  • Mark1104
    Mark1104 Member ✭✭✭✭
    edited June 6
    then simply post the incoming cash to the IRA.  if this is a new IRA, set up a new account called 'IRA'.

    the 'transfer account' would be that same IRA account so that no other asset accounts are touched, 


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