Vanguard Download Has no impact on Bank Account

Dom1 Member ✭✭

I transferred cash out of an IRA settlement account to my bank account. I don't get any transaction on the bank account side. I get all the transactions (including tax withholdings) on the Vanguard side. Is there a setup step I'm missing?

I typically download month end transactions without any issues but the sale and subsequent transfer of cash doesn't work for me.

Any insight would be appreciated.



  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    edited December 2023

    Maybe, just maybe, the problem is associated with the " I get all the transactions (including tax withholdings) on the Vanguard side" statement, though I'm not sure why that would be the case.

    The generally accepted way to deal with IRA distributions in the situation where you sell a security, have withholding, and then send the net cash to a bank Account is to first sell the security, resulting in a gross amount of cash in the IRA. Then, over in the bank Account post the net cash deposit, then split that transaction. In the split show the gross amount as being transferred from the IRA and then deduct the taxes withheld, for a "net amount" total.

    You might try that approach here to see if it works.

  • Dom1
    Dom1 Member ✭✭

    Thanks, that is similar/same to what I normally do but somehow I must have screwed something up. Basically I was ending up with the MM not be reduced or the cash balance showing a negative balance equating to the withdrawal amount.

    Thanks again

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