Simple Investing and Withdrawal Transactions

Koshkaboo

I recently started using Quicken again after not using it since last year (have active subscription). My existing investment accounts are the traditional Complete investing.

I have not been able to get downloads from Fidelity and Vanguard (I have a separate thread I started on that). One solution I have thought of is to simply delete those accounts entirely and start over. Or, to convert them and see if that helps.

I do have one question. My accounts are all IRA accounts so I am not that interested in the rare buy and sale transactions in the accounts. So simple investing to just track balances seems fine.

But....

I do take periodic IRA withdrawals where I create a transaction to sell from the IRA, send part of the money to taxes and send the rest to my checking account.

If I do Simple Investing, is there any way I can manually enter such a transaction? If not, what do I do. Do I simply create an income transaction in my checking account that doesn't say it came from the IRA or what?

Jim_Harman

It doesn't appear there is a way to enter a Withdrawal transaction in a Simple investing account, but in the checking account that receives the distribution, you can enter a transfer that comes from the IRA that is in Simple mode. To account for the tax withholding, make it a split transaction with the transfer as the gross amount and the tax withholding entered as a negative number. The total should be the amount deposited into your account.

BTW it is a good idea to use this method for IRAs even for Complete investing accounts, because it will record these payments correctly in the Tax reports and Tax planner.