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How should I set up retirement income in Quicken Deluxe

jeff.hecht

In 2021 my wife started receiving a retirement pension and minimum required distributions from a 403k at Equivest and I had to start taking taking a minimum required distribution from my SEP-IRA at Fidelity. How should I set these up in Quicken and how should I handle transfer of money from the retirement investment accounts to other accounts we use for normal spending and taxable investment? We are donating some of the MRD to charity, which I can do through Fidelity and Quicken can label as Retirement Income:Donated. I also can mark money withheld for taxes as state and federal withholding. But I can't figure out how to handle the taxable income transactions which move money from the 403K and SEP-IRA to our other accounts. Are there instructions anywhere?

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jeff.hecht

Anybody have any idea how to do this?

Frankx

Hi @jeff.hecht

I know that this is a Mac thread - but I cannot find a Mac specific answer to give you (I am a Windows user).

That being said, I think you might be able to use the information provided in this Windows thread to help you determine the entries you'll need to make in your Mac. Here's the LINK.

Hope this helps.

Frankx

Chris_QPW

@Frankx I don't believe Quicken Mac has this Windows feature "Set the tax attribute "Transfers Out:" for the IRA account to "1099-R:Total IRA taxable distrib.""

As such I believe they have to do something different to record this correctly.

jacobs

@jeff.hecht You have previously seen and posted in the Idea thread for an explicit RMD feature in Quicken Mac, in which the best current workaround is also discussed. You may want to review my explanation in the second post in that thread for a way too move funds from a retirement account to a non-retirement account and record the withdrawal as taxable retirement income.