I need help because the RMDs in my Quicken account are not categorized correctly

Judy

I have been using Quicken since 2005. I am 80 years old. I've been reading the comments about how Quicken handles RMDs. I know my 3 accounts are messed up. I give the information to my accountant, but I realized I am not giving the correct information and have no clue how to fix it. I have spent the last 3 days trying to figure this out! I called Quicken Support today and had a lot of trouble understanding what the person was saying. In the end, he said just that I should just ignore that it is wrong! Now I am worrying that the information I give the accountant is wrong! This is totally unacceptable that it is so complicated. Most of the comments people have made are way over my head. Now I am doubting whether I have many things wrong. It is supposed to make life easier, using Quicken, but it definitely is NOT working! What can you do to help me? I am not even sure what category to choose for my question!

mshiggins

My first recommendation would be to buy yourself some more time to get the issue figured out. Call your accountant and tell them you need more time to recheck your RMD numbers.

Next, are you able to get your RMD numbers from the tax documents your financial institution? If so, use those tax documents to generate the numbers for your accountant.

Then tell us more about how you've been entering your RMDs into Quicken.

Mark1104

RMD calculation is quite easy. What is making is so complicated?

All you have to do is take the balance as of 12.31.22 and divide by 20.2 (which is the divisor for someone turning 80 in 2023) if you are turning 81 in 2023, then the divisor is 19.4.

Is the cost basis zero? if not, that should be part of last year's tax return in any event.

Do you have a brokerage statement?

Judy

> @Judy said:
> I have been using Quicken since 2005. I am 80 years old. I've been reading the comments about how Quicken handles RMDs. I know my 3 accounts are messed up. I give the information to my accountant, but I realized I am not giving the correct information and have no clue how to fix it. I have spent the last 3 days trying to figure this out! I called Quicken Support today and had a lot of trouble understanding what the person was saying. In the end, he said just that I should just ignore that it is wrong! Now I am worrying that the information I give the accountant is wrong! This is totally unacceptable that it is so complicated. Most of the comments people have made are way over my head. Now I am doubting whether I have many things wrong. It is supposed to make life easier, using Quicken, but it definitely is NOT working! What can you do to help me? I am not even sure what category to choose for my question!

Update 3/17/23: Thank you for the suggestions on this problem. I discovered there is a way to put a category in the downloaded RMD transaction from Fidelity. Once I did that, the transactions showed up in the correct location in Quicken and that solved the problem. I also realized I had the information I needed from the RMD confirmations and transactions I could find on the institution's website. So I didn't need to have it correct in Quicken for my tax information to the accountant. Good advice to take a step back. Once I wasn't under so much stress, I was able to figure out the Quicken problem. I do think Quicken needs to make handling of RMDs easier. I wasn't sure how to thank the two people who sent me answers quickly and not sure if this is the right way to update my question.

mshiggins

Judy, thanks for posting back and letting us know you got the issue resolved. Glad to hear the advice given was helpful..