IRA distributions not appearing on Tax Summary and Tax schedule reports

k4to@arrl
k4to@arrl Member ✭✭
edited March 24 in Reports (Windows)

I have read the previous discussion about this and cannot understand how to do what was reccommended, but my problem makes it clear that that that advice doesn't apply. I have used Quicken since the days of Windows 9i5, so I am not a beginner. I still learn, though.

I have three IRA accounts from which I draw RMD amounts every month. I enter the transactions manually. As far as I can tell, the account setups are identical on all three accounts. The monhly activity of two of the three accounts appears correctly in the Tax Summary and Tax Schedule reports. The third doesn't appear anywhere at all.

Believe it or not, this has been going on for thirty years. Each year I enter tax form info manually for the missing account. If I knew of an expert on Quicken, I would gladly pay to have this corrected. Yes, thirty years is correct. I am 82 years old and have been retired for 30 years. I count my blessings.

I have run Quicken on PCs for years, but now am running Quicken Classic Personnal and Business on my Mac Mini uaing Parallels and Windows 11 A.R.M. This problem has been with me consistently no matter what machine or O/S I am running. Thanks for thinking of this with me. Dave in KY.

Comments

  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭

    I'm not sure what discussion you read about recording IRA distributions, but here is my "Cheat sheet". If anything here is unclear, please post back in this discussion with any questions.

    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 Deposit transaction in the receiving account. It can be a banking or an investing account, but it must be a taxable account, not another IRA for example. If there is already an Xout transaction in the IRA account that transfers money to the taxable account, note the amount and delete it before entering the Deposit. Do not try to edit the receiving end of the transfer.

    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.  


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  • k4to@arrl
    k4to@arrl Member ✭✭

    Yes Jim, your cheat sheet was what I found. I can't understand what you are suggesting… sorry. It's just me. My point iw that all three of my IRA accounts are set up exactly the same way (I think) and two of them work properly an the third doesn't appear anywhere…. Dave

  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭

    I am suggesting that in the account that is not working correctly, you entered the transactions to move the money from the IRA to your checking account by going to the IRA and entering an XOut transaction for the amount after any deductions. Maybe there were one or more other transactions in the IRA for tax withholding.

    If you enter it that way, the distribution and the tax withholding will not appear in the tax reports.

    In order for the distribution to appear in the tax reports, you must enter it exactly as I describe in the cheat sheet. You must go to the checking account and enter a Deposit transaction for the net amount of the transaction and split the deposit transaction to show the tax withholding.

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  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭

    "an the third doesn't appear anywhere"

    I think you're referring only to the Tax Reports, yes?

    Assuming that these are all some variation of a traditional IRA and you're recording the distributions in a TAXABLE Account, then really the only other thing that could be tripping you up is the Tax Schedule information associated with each Account. The transfers out of the Account should be connected to a 1099-R TAXABLE distribution. Is that the case for all 3 Accounts.

This discussion has been closed.