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Correct Category For Funds Transferred From Brokerage Cash Account

Faroe47

I've run into problems after retirement because I have my financial advisor transfer funds monthly to my bank account for expenses. I've been categorizing these transactions as Retirement Income, but it's not "income." It's already my money, I'm not earning it again. But I don't want my reports to show it as Income and possibily wind up being taxed on it. What's the proper way to show these transfers and end ending category when it winds up in my bank account?

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Accepted answers

NotACPA

You can use the name of your checking account itself, enclosed in square brackets, as the category.

This 'self transfer" will increase the value of your checking account … but it won't be reflected as income.

Faroe47

BankerMan. Great idea and perfect use of the category field.

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Rocket J Squirrel

See this page:

https://help.quicken.com/pages/viewpage.action?pageId=3216334

Rocket J Squirrel

And this one:

https://help.quicken.com/pages/viewpage.action?pageId=3217206

Faroe47

I get it. My main problem is I don't track my brokerage account in Quicken, and so I don't have an actual Quicken Transfer happening. I'm just seeing funds arrive in my checking account and I wanted a category against which I could apply them. A Quicken-effected transfer would be fine, and it would just be moving money around. But that's not happening within Quicken. I'm still at a loss and frustrated. The money that shows up is neither an expense nor income. So, do I leave it uncategorized? I hate to do that. Thanks.

NotACPA

You can use the name of your checking account itself, enclosed in square brackets, as the category.

This 'self transfer" will increase the value of your checking account … but it won't be reflected as income.

Faroe47

BankerMan. Great idea and perfect use of the category field.