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Stocks sold in a IRA to pay management fees are recorded as a Misc Exp.

Marvin2020

Stocks sold in an IRA to pay management fees are recorded as a Misc Exp. So it shows up as spend, and inflates my spend. I do not receive this money or spend this money. The money moves from my investment account to Vanguard directly. There is no category or Payee so quicken is confused with these transactions. Is there a work around? should I chose/assign my own category? Would I chose a transfer payment payee? need help.

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q_lurker

Marvin2020 said:

I am thinking that if I leave the spend without a category it will not show up as Revenue or Expense. Is that correct? If so, I can leave this alone. However, it seems to show up in spend as uncategorized? see attachment.

No, that is not correct. It does and should show up as an expenditure. It is something you paid for, As you have been advised, apply a suitable category to the expense. Further, you can (usually) choose whether to include or exclude that account from a spending report.

Marvin2020

Thank You

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NotACPA

If you sold the stocks and transferred the cash to your checking account you'd incur a tax expense PLUS expense of the management fee.

Just because you didn't get the cash doesn't mean that it's not an expense. Your IRA IS set up, in Q, as an IRA, RIGHT ... because an IRA account shouldn't show up in your income & expense reports.

Do TOOLS, Account List and click EDIT adjacent to the IRA account to verify that Account type is IRA and the "Tax Deferred" button is YES.

Marvin2020

Thank You. I verified the account is set up in quicken as a IRA and tax deferred is yes. I don't receive any money. Vanguard will sell stock (funds) quarterly to pay their fees. When I look at spend reports this amount shows up as a uncategorized spend, with no payee. For now I leave everything alone. However this inflates my annual spend in my reports.

Marvin2020

I am thinking that if I leave the spend without a category it will not show up as Revenue or Expense. Is that correct? If so, I can leave this alone. However, it seems to show up in spend as uncategorized? see attachment.

Investment IRA sales to pay fees..png

Sherlock

I suggest you set the payee and category in these MiscExp transactions appropriately. For example, Vanguard and Investor:Custodial Fees.

Note: Setting a payee will convert the MiscExp into a Withdraw.

q_lurker

Marvin2020 said:

I am thinking that if I leave the spend without a category it will not show up as Revenue or Expense. Is that correct? If so, I can leave this alone. However, it seems to show up in spend as uncategorized? see attachment.

Marvin2020

Thank You