1 Fidelity 401k account for importing, contains both regular and Roth dollars

I have a Fidelity 401k account that contains both Regular and Roth dollars. Fidelity accounts for, and distributes, dollars as though they were two separate accounts. The account downloads into Quicken as one account.

If I assign the "IRA Gross distribution" to the account's "Transfer Out" category, no tax is being accrued for that distribution.

If I assign the "IRA Taxable distribution" to the account's "Transfer Out" category, tax is being accrued for that distribution.

The problem is, for the transfers to checking - sometimes I need "Taxable", and sometimes I need "Gross", depending on whether the distribution is "Regular", or "Roth". How can I account for one, if the other "Transfer out" category is selected?

The lack of ability to properly account for these differences really messes with the tax planner.

Thanks,

Rick

Best Answers

  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    Accepted Answer
    I suggest you assign the appropriate tax line item to the transaction's transfer entry in the checking account. 
  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    Accepted Answer
    ricke said:
    Thank you for your reply.

    How can I do that and still have it show as a "Transfer" of funds from the 401k to checking?
    If the transaction in the checking register is a transfer, right-click on the transaction and select Tax line item assignments.  If the transaction in the checking register is a split, open the split, select the transfer item, select Edit > Tax line item assignments
  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    edited November 13 Accepted Answer
    ricke said:
    Thank you again for your reply.

    I thought that might work, however it seems that whatever is set as the tax treatment at the account level overrides any downstream selections at the transaction level.

    I tried it both ways at the account level. I then changed the tax treatment at the transaction level and there was no bearing on whether the transaction showed up in the Tax Planner-Other Income-Taxable IRA/Pension Distribution list of transactions. Any other thoughts?
    As it works for me, I can only guess you may have neglected to save the modified transactions.  
  • ricke
    ricke Member ✭✭
    Accepted Answer
    Eureka! You were correct, on both counts.

    I had not left the line item in the register, so the change had not been saved!

    Thank you SO much for your able assistance!

    Rick

Answers

  • ricke
    ricke Member ✭✭
    PS: I'm using Quicken Windows 10 Home, R36.38, Build 27.1.36.38
  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    Accepted Answer
    I suggest you assign the appropriate tax line item to the transaction's transfer entry in the checking account. 
  • ricke
    ricke Member ✭✭
    Thank you for your reply.

    How can I do that and still have it show as a "Transfer" of funds from the 401k to checking?
  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    Accepted Answer
    ricke said:
    Thank you for your reply.

    How can I do that and still have it show as a "Transfer" of funds from the 401k to checking?
    If the transaction in the checking register is a transfer, right-click on the transaction and select Tax line item assignments.  If the transaction in the checking register is a split, open the split, select the transfer item, select Edit > Tax line item assignments
  • ricke
    ricke Member ✭✭
    Thank you again for your reply.

    I thought that might work, however it seems that whatever is set as the tax treatment at the account level overrides any downstream selections at the transaction level.

    I tried it both ways at the account level. I then changed the tax treatment at the transaction level and there was no bearing on whether the transaction showed up in the Tax Planner-Other Income-Taxable IRA/Pension Distribution list of transactions. Any other thoughts?
  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    edited November 13 Accepted Answer
    ricke said:
    Thank you again for your reply.

    I thought that might work, however it seems that whatever is set as the tax treatment at the account level overrides any downstream selections at the transaction level.

    I tried it both ways at the account level. I then changed the tax treatment at the transaction level and there was no bearing on whether the transaction showed up in the Tax Planner-Other Income-Taxable IRA/Pension Distribution list of transactions. Any other thoughts?
    As it works for me, I can only guess you may have neglected to save the modified transactions.  
  • ricke
    ricke Member ✭✭
    Accepted Answer
    Eureka! You were correct, on both counts.

    I had not left the line item in the register, so the change had not been saved!

    Thank you SO much for your able assistance!

    Rick