IRA Required Minimum Distributions

Dr J G

How do you handle an IRA Required Minimum Distribution where you transfer shares to a brokerage Acct and where it is also accounted for in the tax planner

Jim_Harman

The easiest way to get the distribution recorded properly in the Tax Planner is to enter a Sold transaction in the IRA for the shares transferred, Then use a WithdrawX to move the cash to the taxable account, then Buy the shares back at the same price in the taxable account.

See this (rather lengthy) discussion for more info.
https://community.quicken.com/discussion/comment/20183206 

Sherlock

I suggest the in-kind transfer of shares be entered as Sold in the IRA and BoughtX in the brokerage account using the expected RMD value which you may need to correct when you receive the 1099-R.

The IRA account should have the Transfers Out: set to 1099-R:Total IRA taxable distrib.  To confirm, open the IRA, press Ctrl + Shift + E, and select Tax Schedule.

Jim_Harman

The easiest way to get the distribution recorded properly in the Tax Planner is to enter a Sold transaction in the IRA for the shares transferred, Then use a WithdrawX to move the cash to the taxable account, then Buy the shares back at the same price in the taxable account.

See this (rather lengthy) discussion for more info.
https://community.quicken.com/discussion/comment/20183206 

Sherlock

I suggest the in-kind transfer of shares be entered as Sold in the IRA and BoughtX in the brokerage account using the expected RMD value which you may need to correct when you receive the 1099-R.

The IRA account should have the Transfers Out: set to 1099-R:Total IRA taxable distrib.  To confirm, open the IRA, press Ctrl + Shift + E, and select Tax Schedule.

Dr J G

Thank you !