How can I handle RMD withdrawals
Bob31
Member ✭✭
I've been wrestling with this for years. I get an RMD withdrawal with Fed. and State withholding. The net amount (full amount minus withholding) is deposited in a savings account.
I need to reduce the value of the investment account by the amount of the full RMD. But if I record the savings account deposit as a transfer from the investment account, the investment account value is wrong because I haven't removed the withholding, and the share balances aren't changed (though I can set those manually). I can get the withholding amount from the investment company, but have never figured out a decent way enter it in the investment account.
I don't need any accounting -- I get the taxable amount and the withholding values from the 1099-R. I just want a way to have accurate values for my holdings in the Quicken investment account.
I need to reduce the value of the investment account by the amount of the full RMD. But if I record the savings account deposit as a transfer from the investment account, the investment account value is wrong because I haven't removed the withholding, and the share balances aren't changed (though I can set those manually). I can get the withholding amount from the investment company, but have never figured out a decent way enter it in the investment account.
I don't need any accounting -- I get the taxable amount and the withholding values from the 1099-R. I just want a way to have accurate values for my holdings in the Quicken investment account.
0
Answers
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Please see this FAQ on RMDs
And if you would like Quicken to make improvements in this area, please review, comment, and vote for this Idea
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