Missing data about IRA Federal Tax Withheld
When I run a Tax Summary report I see some, but not all, of my tax categories. For instance, I have a category for pension federal tax withheld linked to Quicken's predefined "1099-R: Pension federal tax withheld." The Tax Summary report includes all entries correctly.
But I also have a category for IRA federal tax withheld linked to Quicken's predefined "1099-R: IRA federal tax withheld." The Tax Summary report does not show any entries for this category. I think this is an oversight. Or maybe the "oversight" is a deliberate error part of Quicken's philosophy to ignore properly recording transactions related to removing money from IRAs.
Answers
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Oh, I am using Quicken Premier version R54.9 using Windows 11.
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The tax withheld portion of an IRA w/d MUST be recorded in a taxable account.
SO, record the gross amount of the W/D as a transfer from the IRA to the taxable account and then split that txn to record the tax as a negative amount in the split Click ADJUST to reduce the net deposit and save the txn.
Q user since February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP0 -
Fos step by step instructions on recording IRA distributions, please see this discussion
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