1099-R transactions no longer Appear on Tax Schedule
Running Qm version Version 7.7.1 (Build 707.53346.100) ,macOS 12.7.5..
For reasons I'm unable to figure out I no longer show 1099-R transactions on the tax Schedule. I noticed this the other day..seems to have occurred on the 2024 & 2023 reports.
Any inputs would be appreciated.
Answers
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Are the categories for those transactions still assigned to the 1099-R tax form in the Categories window?
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@Concordman You're taking about withdrawals (like RMDs) from a retirement account which are taxable income? How did you enter these transactions in Quicken? Typically, the transaction is a transfer from a retirement account to a non-retirement account — and since it's a transfer Quicken doesn't include it in any tax reports.
You need to create the taxable income in Quicken, by having a transaction with a category of Personal Income:Taxable IRA Withdrawal, or a similar category you create yourself which is set up as tax-related using Tax Schedule=1099-R and Tax Line=Total IRA Taxable Distrib. The problem is that you need a hack to create such a transaction, either an independent transaction or as part of the transfer in the checking account from the retirement account. You need two split lines: one using this category, and one in the negative amount using the category "Adjustment". As a stand-alone transaction, this would be a zero dollar transaction, with a positive split amount and an offsetting negative split amount. Or these two split lines can be added to the transfer transaction — but the transfer transaction must be created in the non-retirement account (because if it's in the retirement account, Quicken tax reports ignore taxable income in retirement accounts). Here's an example:
If you do this, then the taxable income is indeed reported on the Tax Schedule report as 1099-R income:
This non-intuitive complexity is why Quicken Mac needs a feature specifically for taxable retirement withdrawals, such as RMDs and Roth Conversions. There is an Idea thread for this functionality which has remained stuck on "Under Consideration" status for a long time:
P.S. Although Quicken Mac tax reports have been enhanced over the past two years, I don't think there's any change in this 1099-R reporting; I went back and launched my copy of Quicken 2017, and it worked the same way for this income reporting. Also note that the 1099-R income shows up only on the all-encompassing Tax Schedule Report, and not on any of the tax break-out schedule reports.
Quicken Mac Subscription • Quicken user since 19930 -
@Jon, yes its set up correctly
Been working as properly until 2023 &2024
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I switched my pension category over to the tax line you're using and my pension payments still showed up my my Tax Schedule report, so I'm not sure why yours would not.
You probably already know this, but the child category does not inherit the tax form assignment of the parent, so your "Variable Annuity:Non Taxable" transactions won't appear on the Tax Schedule report. I would assume that's intentional in the case of non-taxable payments, but wanted to point it out just in case.
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@Concordman But the question is whether the transaction which uses that category is in the retirement account or a non-retirement account. In the former, it will not be included in a tax report; in the latter it will. What is the transaction you used to recognize the income?
Quicken Mac Subscription • Quicken user since 19930
