No longer able to create a "Withdrawal" transaction in investment account

bradster

I perform a monthly WithdrwX (Withdrawal and Transfer) transaction to take a distribution from my IRA (investment account) to my Checking Account. I also create a Withdrawal transaction in the investment account to record and categorize the 10% tax withholding that occurs each month.

When I tried to do the withholding for November the "Withdrawal" action is no longer available to in the investment register "action" field. Is the a software bug or a deprecation of a feature?

Windows Premier R44.28

Boatnmaniac

bradster said:

Just to clarify..... My problem was with the Withdrawal selection. No problem with the WithdrwX or Cash transfer out.

When I tried to do the withholding for November the "Withdrawal" action is no longer available from the investment register "action" field.


@Boatnmaniac said:

> Do you click on the Enter Transactions button at the top of the register? 

No. I use the Action field in the transaction register. But using the Enter Transactions button DOES allow me to select both cash Withdraw and cash options. Thanks. This solves my immediate problem.
----------------------------

> Another option is to enter the transaction directly into the Account Register.  There you should see the WithdrwX option from the Action column drop-down list.  You are not seeing that?

The Withdraw action or Cash Transfer options are not available from the Action column drop-down list within the Register. It seems like there is an issue in scroll capability in the drop-down list. The Cash Transactions are not available.
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Interesting.  I just checked my 401k account register and noticed that when clicking on the field in the Action column for an entry that has already been made, then the number of transaction options available to select from is greatly reduced....and the Withdraw and Cash Transfer options are not visible.  And what options are available to be selected from varies based upon what the original transaction category was.  I don't think that I've ever noticed that before but then I usually use the Edit Transaction function instead of editing the transaction row directly so I don't really know if something has changed or not.

I also noticed that when entering a new transaction directly into the register the Action column field does show all the transaction options...including the Withdraw and Cash Transfer options.

I'm not sure why there is this inconsistency.  If it was by design then it would be good to know why but to me this simply is not logical so maybe it is a bug?

I'm glad that the Enter Transaction buttons solves your immediate issue.

bradster said:

> Regarding the 2nd withdraw for the 10% tax withheld transaction:  This will capture the tax paid amount OK but it will not be captured in Tax Reports and Tax Planner as taxable income which it is. 

Thank you so much for pointing the issue with the taxable income. I will try your approach to this. I was aware that the taxable income was reporting incorrectly but I was not aware of how to handle this.

I think you will like the outcome a lot.  I know I certainly did once I got it through my head that I don't have to enter the transactions in the IRA account and that it will produce better and more reliable results for many things inside of Quicken.  If you have any questions about the process please be sure to let me know.

Boatnmaniac

Do you click on the Enter Transactions button at the top of the register?  If you do this you should see an option under Investment Transactions for Cash Transferred out of Account.  That will enter the WithdrwX transaction into the register.  You do not see that?

Another option is to enter the transaction directly into the Account Register.  There you should see the WithdrwX option from the Action column drop-down list.  You are not seeing that?

Regarding the 2nd withdraw for the 10% tax withheld transaction:  This will capture the tax paid amount OK but it will not be captured in Tax Reports and Tax Planner as taxable income which it is.  So if you have a $1000 gross withdrawal and $900 is transferred into your checking account that $900 is properly captured as taxable income.  However, the $100 Withdraw transaction categorized for withheld tax is captured properly as tax paid but it is not captured as taxable income which it needs to be.

To resolve this issue, you might want to do something different and instead of entering 2 withdraw transactions from your IRA account enter a single deposit transaction into your checking account as follows:

DEPOSIT TRANSACTION AMOUNT:  The net amount of the withdrawal after tax is withheld (what is actually deposited)...a positive number.

SPLIT THE CATEGORY:

1. 1ST LINE OF THE SPLIT:  Categorize as a Transfer from the IRA account for the gross, before tax, amount withdrawn...a positive number.  This will enter a WithdrwX transaction in the IRA account register for the full taxable amount of the withdrawal.
   
2. 2ND LINE OF THE SPLIT:  Categorize as Tax Withheld or Tax Paid...a negative number.
3. The total of the split needs to equal the net deposit amount.

By doing it this way the Tax Reports and Tax Planner will properly capture the full gross taxable withdrawal amount, not just the net after-tax amount, and will also capture the tax paid.  I have found it to be a faster, more accurate and cleaner method for capturing the appropriate IRA withdrawal data.  It has also been promoted by many Superusers as a best practice.

bradster

Just to clarify..... My problem was with the Withdrawal selection. No problem with the WithdrwX or Cash transfer out.

When I tried to do the withholding for November the "Withdrawal" action is no longer available from the investment register "action" field.


@Boatnmaniac said:

> Do you click on the Enter Transactions button at the top of the register? 

No. I use the Action field in the transaction register. But using the Enter Transactions button DOES allow me to select both cash Withdraw and cash options. Thanks. This solves my immediate problem.
----------------------------

> Another option is to enter the transaction directly into the Account Register.  There you should see the WithdrwX option from the Action column drop-down list.  You are not seeing that?

The Withdraw action or Cash Transfer options are not available from the Action column drop-down list within the Register. It seems like there is an issue in scroll capability in the drop-down list. The Cash Transactions are not available.
----------------------------

> Regarding the 2nd withdraw for the 10% tax withheld transaction:  This will capture the tax paid amount OK but it will not be captured in Tax Reports and Tax Planner as taxable income which it is. 

Thank you so much for pointing the issue with the taxable income. I will try your approach to this. I was aware that the taxable income was reporting incorrectly but I was not aware of how to handle this.

Boatnmaniac

bradster said:

Just to clarify..... My problem was with the Withdrawal selection. No problem with the WithdrwX or Cash transfer out.

When I tried to do the withholding for November the "Withdrawal" action is no longer available from the investment register "action" field.


@Boatnmaniac said:

> Do you click on the Enter Transactions button at the top of the register? 

No. I use the Action field in the transaction register. But using the Enter Transactions button DOES allow me to select both cash Withdraw and cash options. Thanks. This solves my immediate problem.
----------------------------

> Another option is to enter the transaction directly into the Account Register.  There you should see the WithdrwX option from the Action column drop-down list.  You are not seeing that?

The Withdraw action or Cash Transfer options are not available from the Action column drop-down list within the Register. It seems like there is an issue in scroll capability in the drop-down list. The Cash Transactions are not available.
----------------------------

Interesting.  I just checked my 401k account register and noticed that when clicking on the field in the Action column for an entry that has already been made, then the number of transaction options available to select from is greatly reduced....and the Withdraw and Cash Transfer options are not visible.  And what options are available to be selected from varies based upon what the original transaction category was.  I don't think that I've ever noticed that before but then I usually use the Edit Transaction function instead of editing the transaction row directly so I don't really know if something has changed or not.

I also noticed that when entering a new transaction directly into the register the Action column field does show all the transaction options...including the Withdraw and Cash Transfer options.

I'm not sure why there is this inconsistency.  If it was by design then it would be good to know why but to me this simply is not logical so maybe it is a bug?

I'm glad that the Enter Transaction buttons solves your immediate issue.

bradster said:

> Regarding the 2nd withdraw for the 10% tax withheld transaction:  This will capture the tax paid amount OK but it will not be captured in Tax Reports and Tax Planner as taxable income which it is. 

Thank you so much for pointing the issue with the taxable income. I will try your approach to this. I was aware that the taxable income was reporting incorrectly but I was not aware of how to handle this.

I think you will like the outcome a lot.  I know I certainly did once I got it through my head that I don't have to enter the transactions in the IRA account and that it will produce better and more reliable results for many things inside of Quicken.  If you have any questions about the process please be sure to let me know.

bradster

> @Boatnmaniac said:
once I got it through my head that I don't have to enter the transactions in the IRA account

I've been using Quicken since the late 1980's. I greatly enjoy the fact that I am still learning new tricks on using this software.

Boatnmaniac

I've been using Quicken since 2010 when MS discontinued MS Money and I decided to convert.  I was a MS Money user since the early 1990s.  In many ways both programs worked much in the same way so that helped to make the conversion process fairly simple.  But l am still amazed at how much I still don't know and get to learn about.