How to enter Required minimum distributions

Raymond Turner
Raymond Turner Member ✭✭
I have seen some discussion on this but wonder if some has hit on a new and simple way to handle RMDs. I want to record the sale of shares from an IRA and have them recorded as taxable income and the show on the tax planner in Quicken. I have three IRAs involved. I one case the proceeds of the sale stay within the account until the broker transfers them to a taxable account. In the other two, the proceeds of the sale are immediately transferred to a checking account. Does anyone know how to record these so that they are recorded as a taxable event and post against the amounts I have budgeted?

Comments

  • Rocket J Squirrel
    Rocket J Squirrel SuperUser ✭✭✭✭✭
    Quicken user since version 2 for DOS, now using QWin Premier Subscription (US) on Win10 Pro.
  • I have this but I was hoping someone found a simpler workaround. How to you set the transfers out for the IRA to "1099-Total IRA taxable distribution"?
  • I can't see where to do this. Are you referring to cash transfers out? Or withdrawal and transfer?
  • Rocket J Squirrel
    Rocket J Squirrel SuperUser ✭✭✭✭✭
    edited January 2022
    Every account has tax schedule information. See below. For IRA distributions to trigger the tax planner correctly, they must be input as deposits in the receiving account as transfers from the IRA, NOT as transfers out from the IRA. This is a long-standing Quicken flaw, and it's what the link in my post above says.

    Quicken user since version 2 for DOS, now using QWin Premier Subscription (US) on Win10 Pro.
  • Thanks Mr. Squirrel. I'll give this a try and report back.
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