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Application of _IntInc (and _DivInc) to IRA Transactions instead of _IntIncFree....

John Dozier

I have noticed that the categories IntInc and DivInc are being applied to transactions in my IRA accounts instead of the more appropriate IntIncFree and DivIncFree. I have not found a way to correct old transactions or make configuration changes that would prevent this happening on future transactions. And in the canned Taxable Income YTD section of the Planning/Tax Center, they are thus incorrectly shown as Taxable Income. Anybody know of a fix for this? And yes, those accounts are tagged as Tax Deferred.

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Comments

NotACPA

It's not necessary to use the "free" actions in your IRA accounts. Since the account is designated Tax-Defered, the IntInc & DivInc actions will already be excluded from your tax reports.

The "free" actions should be used when the SECURITY is tax free … and it's ill-advised to hold tax-free securities in a tax-defered account.

John Dozier

Good answer. I failed to track down the individual transactions that made up the _DivInc and _IntInc categories in the Taxable Income YTD section of Planning/Tax Center. After doing so, I realized that they were all from my non-IRA accounts. I guess I thought the numbers shouldn't be that high. My bad.

q_lurker

And in the canned Taxable Income YTD section of the Planning/Tax Center, they are thus incorrectly shown as Taxable Income.

Your problem is the Tax planning pulling from the tax deferred accounts; not the designations as _DivInc vs _DivIncTaxFree. I don’t know why that would be happening. You might try a file validation.

John Dozier

@q_lurker The tax planning problem was an indication of my lack of attention to detail. The numbers were correct. I assumed they were too high and attributed that to problems in the use of _DivInc and _IntInc, which was my mistake. Problem solved…no problem at all.