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Problems with an IRA RMD (Q Mac)

John44

What is going on with an RMD distribution? Why did Quicken create a split transaction with bogus amounts in my IRA and non-ira accounts and 2 transfers into my checking account? What does my checking account have to do with my brokerage accounts?
In addition to the bogus withholding amounts of $1530.74 and $390.34 there was an uncategorized for $13,000.00.

My distribution was $8,000.00 with a $1,600 federal withholding and $400.00 state withholding.

It also created a transfer for $5,732.61 into my checking account from my IRA account and another for $5,732.61 from my non-ira account.
If I knew how I would send you a snapshots of the registers.
I don't think Quicken should be creating bogus transactions in my accounts!

I'm running QMAC deluxe Version 6.9.0 (Build 609.45401.100) macOS 12.6

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UKR

John44 said:

...
If I knew how I would send you a snapshots of the registers.

https://community.quicken.com/discussion/7663259/faq-how-do-i-post-a-screenshot-in-the-community-from-a-mac

Please save images to files of file type PNG, JPG, or GIF only. They're easier to work with than PDF files.

John44

Here are the screen shots. (IRA, Non-IRA, Checking)

Image: https://us.v-cdn.net/6031128/uploads/editor/un/o2dlmy7o4vhv.png

Image: https://us.v-cdn.net/6031128/uploads/editor/2u/ruiwyg9y4pae.png

Image: https://us.v-cdn.net/6031128/uploads/editor/ud/98cqeqa75jhc.png

Jon

Yeah, that looks like a bit of a mess.

Where did you put your RMD - into your Checking account or your Joint account? When I make IRA withdrawals there are three transactions in the IRA account, none of them splits. One for the federal tax withholding, one for the state tax withholding, and one for the net after-tax transfer to my bank account. If you got rid of all the splits in the first transaction in your IRA and just made it a $6K transfer into whichever account received the distribution, it looks to me like it would give you what you want (you'll also want to put the correct categorization on the other two transactions for the tax withholdings).

The only drawback to doing it this way is that it messes up Quicken's Tax Report at the end of the year because the tax withholdings from the IRA don't show up as tax payments. If that's going to be an issue for you, there are ways around it but they make the transactions more complicated, so it's not worth doing unless you really care about that Tax Report.

As for your Joint account, if you didn't withdraw any money from that account just delete that transaction. Once you fix the transfers from the first two accounts the Checking account should take care of itself.

John44

Yes it created quite a mess.
The distribution was from my IRA account to my non-ira (JPM&BAM JOINT) account at Fidelity.
The checking account should not have been involved.
Where did the $13,653.69 uncategorized transaction in the joint account come from? It should have been the same as the ira account, $1,653.69.

I will fix the problem by:
- deleting the 3 transactions from the IRA account.
- deleting the split transaction from my non-ira account.
- deleting the erroneous transactions from my checking account.
- duplicating last years transactions in my ira and non-ira accounts and modifying the date and amounts.
This will allow all transactions to show on my end-of-year tax report.
The following are snapshots of the transactions.

Image: https://us.v-cdn.net/6031128/uploads/editor/nq/sp0ogx0flrzy.png

Image: https://us.v-cdn.net/6031128/uploads/editor/az/2w24joalvfrn.png

The reason I posted this discussion is in case others run into the same problem and to show how Quicken makes changes without bothering to test those changes. Quality assurance has always been a problem with Quicken for as long as I can remember.

John44

This problem with all of the log files was submitted to Quicken, but because Quicken never replies to submitted problems, I guess I will have to wait until next year to see if this has been fixed.
The latest update, 6.10.2, says they fixed 30+ issues without identifying what they were.