Showing IRA withdrawal as Income?
Koshkaboo
Quicken Windows Subscription Member ✭✭
I am trying to show a withdrawal from my IRA as income to me. I am having trouble downloading transactions from my IRA which I don't know if I can solve.
Right now my checking account is showing a net deposit that it shows as Other Inc. That is not correct as my Income is the gross amount with part going to income Tax.
So I changed it to a Split transaction.
1. The first line, I made it a transfer in the gross amount from my IRA.
2. I then put in a second line showing the amount that went to income taxes.
The sum of those matches the amount of the deposit, so fine.
However, the first line showing the transfer does not show any more as income to me. Presumably this is because it is a transfer. But, it is a transfer from a tax deferred account so it is indeed income to me. How do I fix this?
Right now my checking account is showing a net deposit that it shows as Other Inc. That is not correct as my Income is the gross amount with part going to income Tax.
So I changed it to a Split transaction.
1. The first line, I made it a transfer in the gross amount from my IRA.
2. I then put in a second line showing the amount that went to income taxes.
The sum of those matches the amount of the deposit, so fine.
However, the first line showing the transfer does not show any more as income to me. Presumably this is because it is a transfer. But, it is a transfer from a tax deferred account so it is indeed income to me. How do I fix this?
0
Comments
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This FAQ should point you at the correct way to do it:
FAQ: Best way to handle distributions from IRA - also RMD — Quicken
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