Q thinks my IRA distribution is a contribution

MPS

I have been doing IRA distributions in the past with no issues. I did my first 2024 IRA withdrawal/distribution per usual: sold some shares in my IRA account and used action WithdrawX to tranfer the cash proceeds to my bank. In my bank account, I changed the transaction to a split transaction to account for the fed tax withheld. When I hit save, I got a prompt asking me whether my contribution is for 2023 or 2024 which is incorrect. Any ideas? Thanks in advance.

Running Quicken Classic Deluxe on Win10 version R53.32 build 27.1.53.32

Jim_Harman

Please see this post for a better way to enter IRA distributions.

https://community.quicken.com/discussion/7945344/rmd-withdraw-from-ira-non-tax-to-trust-taxed-account

MPS

Thank you for your reply @Jim_Harman. I'm essentially doing the same same as your post suggests and it has worked previously. My question is why am I now getting this erroneous prompt (attached)

when I save the transaction in my banking account? It also messes up my tax planner.

Jim_Harman

Maybe something has changed about how Quicken handles transfers when you edit the receiving end.

All I know is that when you enter it as I described, it works correctly, including the Tax Planner and Tax reports.

volvogirl

After you sell the shares leave the cash in the IRA account. Don't do a withdraw X etc. Then you have to start the RMD entry from the receiving account. Enter a deposit in the bank account split to Gross and taxes. The Gross is a Transfer to the IRA account to clear the cash.