Any tips on posting RMD in Quicken H&B Win?

ftyminski

Institutions deposit directly to checking accounts, after sending taxes directly to Treasury. Need to capture total income and taxes paid. Tried all kinds of splits that ended poorly.
Help!

NotACPA

Why poorly?  What exactly happened.  And have you search the forum for RMD?

ftyminski

Thank you NotACPA. Tried to split the checking transaction to get data to Income. Tried same in Investment account, and for taxes. Either nothing balance or cause inbalances. Yes to Forums, just tried again. Many solutions, but none seemed to work.

Boatnmaniac

ftyminski said:

Thank you NotACPA. Tried to split the checking transaction to get data to Income. Tried same in Investment account, and for taxes. Either nothing balance or cause inbalances. Yes to Forums, just tried again. Many solutions, but none seemed to work.

I suspect you might have been leaving out something in the process because having a split transaction in the checking account should work.  I'll lay out the step-by-step process which may help to identify what was missed in your earlier efforts:

1)  Make sure the IRA/401K account has the correct tax line item associated with it:  Account Details > Tax Schedule button > Transfers Out = 1099-R:Total IRA taxable distrib. > OK.  (It seems that often times the default for Transfers Out = 1099-R:Total IRA gross distrib. which is not captured properly in the Tax Reports and Tax Planner.  So make sure it is set to 1099-R:Total IRA taxable distrib., instead.  This only needs to be done once.  Quicken will remember this for the future.)

2)  In the checking account:  Enter a new deposit transaction for the net amount of the distribution (after tax is withheld).

3) Split the category of that checking account deposit transaction:

• 1st line of the split:  Enter the gross amount (before tax withholding) of the RMD as a transfer from the IRA/401K account....this needs to be a positive number.
  
• 2nd line of the split:  Enter the amount of the tax withheld using the tax withheld category....this needs to be a negative number.
  
• The total of the split must equal the amount of the net deposit.

4) Go to the IRA/401K account and delete the original distribution transaction and withheld tax transaction that was downloaded from the brokerage.

If each of these steps are followed your RMD distributions should now be captured properly in the Tax Reports and Tax Planner and your IRA/401K account should be in balance.

Did this resolve the issue for you?  Do you have any questions?