Where are Cash proceeds from an RMD?

Jim Stickler

I am on Quicken Classic R53.32, Win11

My IRA sold shares for my RMD, however the cash from the transaction does not show up anywhere.

When I try to create a checking account for the IRA, there is no option, also the IRA does not show a cash balance.

When the cash is received into my bank account, will I use a transfer transaction to receive the cash?

Jim_Harman

Does the account have a Cash Bal column and it is zero, or is there no Cash Bal column?

If there is no Cash Bal column, click on the gear at the top right of the account and select Edit Account details. Is the Single mutual fund option selected? If so, that would explain why the column is missing.

Here is a "Cheat sheet" for entering IRA distributions

In the IRA, click on the gear at the top right and select Edit account details. Click on Tax Schedule and set Transfers out to 1099R: Total IRA taxable distrib., like this:

For the taxes to be recorded properly in Quicken, the transfer must be entered as a transaction in the receiving account. It can be a banking or an investing account, but it must be taxable, not another IRA for example.

In the receiving account:

1)  Enter a Deposit transaction for the net amount of the RMD...a positive number.

2)  Split the category:

• Line 1 of the split:  Category =  the IRA account name in [square brackets] and the gross distribution amount...a positive number.
• Line 2 of the split:  Category = the Fed taxes withholding category that you use...a negative number.
• Line 3 of the split:  Category = the State taxes category that you use...a negative number.
• Total of the split:  Must equal the net amount of the deposit.

If you receive the distributions regularly, you can set this transaction up as an Income Reminder.

In the IRA account:  Delete any downloaded brokerage transactions for

• The net distribution
• The Fed taxes withheld
• The State taxes withheld

With this setup, the taxable income will be shown in the “1099-R Total IRA Taxable distrib.” and the tax withholding in the withholding sections of the Tax Schedule report.

Jim Stickler

Jim, thank you for responding.

I've executed your suggestions, they worked as you said. There is one more thing that I had to do:

When I entered the deposit transaction, the other side of the transfer transaction in the IRA account had to be changed to a withdrwx (cash transferred out of account) from a soldx transaction.

Thanks again for your response. The Community is great!