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

Question

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

Sherlock · Accepted Answer

I suggest you assign the appropriate tax line item to the transaction's transfer entry in the checking account.

Sherlock · Accepted Answer

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 · Accepted Answer

As it works for me, I can only guess you may have neglected to save the modified transactions.

ricke · 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