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After an update in July, why does the Tax Planner not display the 1099-R withdrawal from my IRA?

keezer5156

It still shows the withdrawals for Jan-June. But it stopped there and July does not show up. The transactions are exactly the same each month. I also have the Tax Schedule (1099-R) identified as what to use for the Transfers out in the Tax Schedule Information box under Account Details. Anyone have any ideas? I use Premier for Windows.

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keezer5156

Thanks Bob L. Changing the receiving Cash Transfer to a deposit solved my issue. It even shows up now in my Tax Planner and Schedules.

All comments

Rocket J Squirrel

Is the tax schedule Total IRA taxable distrib.? It won't appear in Tax Planner if it got changed to gross distrib.

keezer5156

It has always been set to total taxable distribution

Rocket J Squirrel

If nothing has changed, including the destination account and the Deposit transaction that causes the transfer, then I'm stumped.

Boatnmaniac

Does the July IRA distribution show up in the Tax Schedule and Tax Summary reports?

keezer5156

Actually none of the months show up on either report. Why is this happening?

fanfare

I found the tax summary report is sensitive to the destination account.
if you withdraw to a brokerage account, the transaction is not in the report.
If you withdraw to "Cash" account, the transaction is in the report, and you can then move the cash into your brokerage account.

Rocket J Squirrel

fanfare said:

I found the tax summary report is sensitive to the destination account.
if you withdraw to a brokerage account, the transaction is not in the report.
If you withdraw to "Cash" account, the transaction is in the report, and you can then move the cash into your brokerage account.

Or make the transaction a DEPOSIT into any destination account and let Quicken add the other side (withdrawal) of the transfer in the retirement account. Another Quicken quirk I can't explain, but it works for me.

Boatnmaniac

@fanfare is correct: Transfers directly from a retirement account into a taxable investment account will not show up in the Tax Summary report...actually, nor in the Tax Schedule report nor in Tax Planner. It's a bug that was identified at least a year ago that I am surprised not yet been corrected.

The fix is also correct: Transfer to a non-investment spending account (Checking, Savings, Cash) first and then transfer to the taxable investment account.

UPDATE: Alternatively, set up a Deposit transaction in the destination account with the category being a transfer from the IRA account.

@keezer5156 - Are your IRA distributions being transferred into another investment account or into some other account like checking or savings?

Bob_L

I have transferred my RMD as a deposit to a taxable brokerage account for many years. It properly shows up in tax schedule, tax summary and tax planner. I follow the guidelines here regarding using a deposit in the destination brokerage account.

Rocket J Squirrel

Boatnmaniac said:

@fanfare is correct: Transfers directly from a retirement account into a taxable investment account will not show up in the Tax Summary report...actually, nor in the Tax Schedule report nor in Tax Planner.

I beg to differ. As I mentioned above, using a DEPOSIT into the receiving account works.

Below are screen shots of my RMD from last year. The account "MS Joint AAA" is a Morgan Stanley "Active Assets Account", which is a taxable brokerage account. I entered a DEPOSIT there with the Category being the transfer from the Inherited IRA.

Image: https://us.v-cdn.net/6031128/uploads/editor/0o/57c8lp5h5jgh.png

Image: https://us.v-cdn.net/6031128/uploads/editor/ws/5aeuzhn66qsh.png

keezer5156

All these responses make sense. However they don't explain why the tax planner worked for the first 6 months and now it doesn't. I have no clue why they don't show up in the tax schedule reports either.

Boatnmaniac

@Bob_L , @Rocket J Squirrel - I use the deposit transaction method for IRA distributions made to my checking account and it works well in getting the Tax Reports and Tax Planner to capture them.

I do not do IRA distributions into taxable investment accounts so out-of-sight, out-of-mind for me. @fanfare 's post triggered my memory about transfers from the IRA account being problematic. I had forgotten, as well, that doing the deposit transaction in the destination taxable investment account also works, so thanks for triggering my memory on that one.

@keezer5156 - You might want to check your reports to ensure they are set up to capture all of the appropriate categories, accounts, transfers and time periods. Something I noticed this morning is that my saved reports lost some of their customizations and are not saving the corrections when I make them. One of the issues that I noticed is that the previously saved reports had changed time periods so I was missing data in the reports. I needed to delete my all of my previously saved reports, then pull up new default reports and customize them in order to have saved reports that again retain the appropriate customizations. (I had not pulled up any reports since updating from R41.19 to R42.21 a few days ago so maybe something in the update is causing this issue for me?)

Also, you might want to double check the transactions and make sure the categories in them are correct. I have seen a few reports by people saying that some of their previously entered categories (including transfers) have disappeared or been changed.

fanfare

To be precise, I'm using WithdrawX, from IRA to Cash.
I have to use two steps, to move the Withholding into the TaxFed category by way of Cash account and in that way get a correct IRA Distribution report. which actually shows up in Tax Summary ( a separate issue).

keezer5156

I am using WithdrawX as well. I just feel that this work around should not be necessary.

fanfare

I've never gotten good results from the Tax Planner so I rely on the Tax Summary report.

Bob_L

@fanfare, @keezer5156. Are you creating the transaction by entering it as a deposit to the non-IRA Account? I do my RMDs that way including tax withholding as a split in that deposit account, and it works fine. That is, I do not use any intermediate accounts.

Boatnmaniac

@fanfare , @keezer5156 - I think we all agree that workarounds like this should not be needed but it is good that they are available since they do make Quicken work better than if they were not available.

That being said, there is a Product Improvement idea that to address this issue: Improve handling of IRA distributions, including QCDs and Roth conversions. I encourage you to read it and vote for it. The Quicken Team does review these ideas and the more votes an idea gets the more likely it is that at some point it will be added to their development plan. To vote for the idea, click on the voting button to the lower left right below the 1st post in the thread as is shown in this example:

Image: https://us.v-cdn.net/6031128/uploads/editor/ha/7ljw4s62x3ao.png

fanfare

@Bob_L
I'm not using "Deposit" as I described how I do it above.

I tried it your way, using "Deposit".
After climbing the learning curve, I see that yes, it does work as you guys say it would.

fanfare

Regardless, there is a bug with WithdrawX and reports, since it is sensitive to the receiving account.

keezer5156

Thanks Bob L. Changing the receiving Cash Transfer to a deposit solved my issue. It even shows up now in my Tax Planner and Schedules.