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how to show investing withdrawals to appear as income

pultz

I want money moved from Investing to Checking to appear as Income in the Spending tab when I use the "Income" dropdown.

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Sherlock

To accomplish this on the Spending tab, I suggest you enter a deposit transaction in Checking with an income category and balance the income with a withdrawal from Investing.

Boatnmaniac

The reason why it does not show as income is because it is not income. It is simply a transfer of money from one account to another.

@Sherlock 's suggestion is a good way to go but one thing you might want to consider doing is to deselect your Investment Account in the Spending report customization. This will help to ensure that the categorized Withdraw transaction in the Investment Account does not also show up as an expense in the spending report which will offset the Income deposit to the Checking account.

Boatnmaniac

One other suggestion you might want to explore: Instead of using the Spending report and making the transaction and report changes mentioned above, you might want to play around some with the Cash Flow report (under Banking). It will capture transfers from an Investment account into a Checking account and other actual income transactions as Inflows. The expenses and transfers to other companies (like billers), will be captured as Outflows.

pultz

this all makes sense. I may have more questions when I try to do this. thanks.

[Deleted User]

@Pultz - instead of doing a transfer, use a "Withdraw" transaction in the investment account, and a deposit in the checking account with an income category. The income category can be anything you want that describes your situation. That is the only way to show the transaction with the income category you want in the spending tab.

Jim_Harman

@Pultz,
If you are using one of the Spending reports, customize the report to exclude the investing account if it is not already, and on the Advanced tab, make sure the Transfers selection is set to Exclude Internal.

Depending on the report, this will show the transfer either in a separate Transfers section or as part of the Income section.

pultz

my situation is made easier because: the retirement payout I enter comes as a deposit when I download from my checking account. The funds themselves come from a TIAA account, which I have under Investing, and what I follow there is the current balance of the fund, reflecting gains, losses, and withdrawal. So the income I get as bank deposit and the WD from TIAA move in tandem but not through Quicken. I'm no pro on this and it took me a while to figure this out but I think I;m right. thanks again.

and I wrote this before reading Jim's and Damian's posts. I'll look again at them later. thanks.

Jim_Harman

If you want Quicken to be able to track the tax implications of the distributions from your retirement account(s) please see this FAQ.
https://community.quicken.com/discussion/7072150/faq-best-way-to-handle-distributions-from-ira-also-rmd

If you think Quicken should make this process easier, please review, comment, and vote on this Idea post
https://community.quicken.com/discussion/7864626/improve-handling-of-ira-distributions-including-qcds-and-roth-conversions/p1

Sherlock

pultz said:

my situation is made easier because: the retirement payout I enter comes as a deposit when I download from my checking account. The funds themselves come from a TIAA account, which I have under Investing, and what I follow there is the current balance of the fund, reflecting gains, losses, and withdrawal. So the income I get as bank deposit and the WD from TIAA move in tandem but not through Quicken. I'm no pro on this and it took me a while to figure this out but I think I;m right. thanks again.

and I wrote this before reading Jim's and Damian's posts. I'll look again at them later. thanks.

What everyone else is attempting to explain is how you may display transfer transactions as income, but that will not work on the Spending tab.