ira withdrawal

Question

When I make a withdrawal from an IRA with withholding, 2 transactions show up in the downloaded transaction; one to the taxable investment acct., the other to Fed tax category.  When I run the Tax Summary for 1099R, it does not show the total  withdrawal, just the amount transferred to the investment acct.  How do I get the total withdrawal to show up as a 1099 R withdrawal?

Bob_L · Answer

The same way but in whatever account you use and not part of the split.  Instead just record it as a separate expense item in the account you use to do that, and categorize it as "estimated taxes", or whatever you call that category.  But still structure the withdrawal the same as above in the receiving taxable account.  BTW, be sure that "transfers out" of the IRA are set to 1099 taxable distribution on the tax schedule associated with the IRA Account. (Edit details of the account).

NotACPA · Answer

Then it's a simple transfer from the IRA to the taxable account ... which is probably what was downloaded.

Steppenwulf · Answer

What if I elect not to have the financial institution withhold taxes from my IRA?  I will pay them manually as estimated tax payments.
 How do I structure the transaction then?