Non-taxable transfer from Retirement acct to IRA

NotACPA
NotACPA Quicken Windows Subscription SuperUser ✭✭✭✭✭

This is showing in the Tax Planner as a taxable income item.

The Tax Schedule item from transfers out of the Originating account is blank, as is the Transfers In item for the receiving account.

Q user since February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP

Comments

  • Rocket J Squirrel
    Rocket J Squirrel Quicken Windows Subscription SuperUser ✭✭✭✭✭

    That seems odd. Show us screen shots?

    Quicken user since version 2 for DOS, now using QWin Biz & Personal Subscription (US) on Win10 Pro.

  • mshiggins
    mshiggins Quicken Windows 2017 SuperUser ✭✭✭✭✭

    Does the transaction itself have a tax line item assigned? Which of the Enter transaction choices did you use to make the transfer?

    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the Quicken Windows FAQ list

  • NotACPA
    NotACPA Quicken Windows Subscription SuperUser ✭✭✭✭✭
    edited December 2023

    From Sending account (TIAA):

    The actual transaction in the TIAA account:

    Tax Planner:

    Receiving Account (ETB RIRA):

    The transaction in the receiving account (ETB RIRA)

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • NotACPA
    NotACPA Quicken Windows Subscription SuperUser ✭✭✭✭✭

    We're trying to close out the TIAA account from one of my wife's former employers … but we're not ready to take funds out of her retirement accounts, so we're having the money transferred to another IRA.

    This is the 8th year in a 10 year series of transfers … and the 1099-R from TIAA always shows this as Non-Taxable.

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • NotACPA
    NotACPA Quicken Windows Subscription SuperUser ✭✭✭✭✭
    edited December 2023

    Just now I tried changing the TIAA transaction to "Cash Transferred out …" with no change in the results.

    I also tried changing the Tax Year in the "Cash Transferred In … " txn to 9999, with no change

    And to 2022, with no change in the Tax Planner

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • NotACPA
    NotACPA Quicken Windows Subscription SuperUser ✭✭✭✭✭
    edited December 2023

    Is there some way that I can exclude the ETB RIRA account (and the TIAA account, if needed) from the Tax Planner?

    This is the only seemingly tax related txn in either account.

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • Jim_Harman
    Jim_Harman Quicken Windows Subscription SuperUser ✭✭✭✭✭

    I don't think there is any way to control which accounts are included in the Tax Planner. Earnings, capital gains, etc for accounts marked Tax Deferred are excluded.

    Does this transaction show up in the Tax Schedule report?

    QWin Premier subscription
  • NotACPA
    NotACPA Quicken Windows Subscription SuperUser ✭✭✭✭✭

    @Jim_Harman Yes, as a "Total Pension Taxable Distribution" on the 1099-R

    AND, neither the sending nor receiving accounts were supposed to be included in that report:

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • markus1957
    markus1957 Quicken Windows Subscription SuperUser, Windows Beta Beta
    edited December 2023

    I just did a$5K IRA to IRA WithdrawX as a test and it does not show up as taxable in tax planner. Both accounts are set up as regular IRAs.

    Adding- last year I rolled my 401k into an IRA using a Cash Transferred Out. It did not report as taxable in tax planner.

    What account type is the TIAA?

    Adding- Just tried a tax-deferred 529 College Savings Plan to IRA WithdrawX and again no taxable income generated in tax planner.

  • Jim_Harman
    Jim_Harman Quicken Windows Subscription SuperUser ✭✭✭✭✭

    Yes, as a "Total Pension Taxable Distribution" on the 1099-R

    AND, neither the sending nor receiving accounts were supposed to be included in that report:

    Aha: The transaction is coming from the built-in, hidden and separate "Tax impact of 401(k) Accounts" account.

    I have never understood what that account is for, but it has something to do with capturing 401(k) withdrawals. If you select All accounts and check the Show separate accounts box, you can see that it is selected in the Tax Schedule report.

    QWin Premier subscription
  • NotACPA
    NotACPA Quicken Windows Subscription SuperUser ✭✭✭✭✭

    The TIAA account is a "401k or 403b". The receiving account is a "Traditional IRA".

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • markus1957
    markus1957 Quicken Windows Subscription SuperUser, Windows Beta Beta

    I checked the transactions in my TaxImpactof401kAccounts register and only contributions from paychecks were recorded as MiscExpX transactions. No MiscIncX transactions were present in the register even though there were multiple times when 401ks were rolled to regular IRAs. No withdrawals were ever made from the accounts other than the rollovers.

    If in Tax Planner details you see that the TaxImpact account register transaction is the source of income, you might consider deleting the transaction in the TaxImpact register. That can sometimes cause strange behavior if you are still actively contributing via a paycheck wizard, but if those days have passed, it would most likely work to remove the transaction from Tax Planner and the report.

    The Tax Impact account register is hidden. An easy way to access it is use Menu>Find/Replace and search for Cleared Status Contains Uncleared. Then click on the hypertext date in one of the TaxImpact listings.

This discussion has been closed.