QCD distributions from IRA/RMD

The statements from my custodian contain the check numbers for my distribution. I've entered the check numbers into the register in Quicken. The numbers don't match up in the Quicken program making reconciling a tedious process. Any suggestins?

Answers

  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    edited September 19
    Do you enter the transactions including check numbers from the printed statement into Quicken?

    Do you also download the transactions from the custodian and the check numbers don't match?

    Please explain the exact process. 
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  • Fred6
    Fred6 Member ✭✭
    Thank you for responding. As I wrote each check to my charitable institutions, I entered the check number and the payee into Quicken. My problem is that the checks did not line up with my data when the data was downloaded from the custodian into Quicken. The checks were also not recorded as cleard.
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    Are the checks that you wrote special QCD checks, or are they the same checks that you would use to make other distributions from the account?

    Did the charities receive and deposit the checks that you sent?

    Make sure you are following the custodian's process for making QCDs. For example at Vanguard, you notify them about QCDs you want to make via an online form and Vanguard mails you a check made out to the charity. You then send that check to the charity along with the charity's contribution form.
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  • Fred6
    Fred6 Member ✭✭
    The checks are not special ones.
    The checks have cleared the brokerage.
    The checks are written against the account to the charity and sent to the charity. No other form is used.

    Thanks again
  • Rocket J Squirrel
    Rocket J Squirrel SuperUser ✭✭✭✭✭
    It sounds to me that you are not satisfying the QCD requirements. By writing your own check, you are not accomplishing a direct broker-to-charity transfer. Fidelity agrees with Vanguard, emphasis theirs:

    Funds must be transferred directly from your IRA custodian to the qualified charity. This is accomplished by requesting your IRA custodian issue a check from your IRA payable to the charity. You can then request that the check be mailed to the charity, or forward the check to the charity yourself. 


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