How to Show Net IRA Distribution in Income Section of Budget Reports

Question

I would like to show the Net amount of IRA Distributions in the Income section of my Budget Reports.

Gross Distribution's Tax Line Item is '1099-R:Total IRA taxable distribution'

Tax Withheld's Tax Line Item is '1099-R:IRA Federal Tax Withheld'

These two are set up under an Income Category named 'Retirement Income'.

Retirement Income's Tax Line Item is '1099-R Total IRA Gross Distribution'

As an example, I enter a split transaction in the Checking Register as follows:

Retirement Income:    90.00 (Net Transaction in Checking Register)

Gross Distribution:  100.00 (split)

Tax Withheld        :   -10.00  (split)

Currently in the Budget Report, Retirement Income appears in two parts as follows:

Retirement Income:   100.00

Gross Distribution:   100.00

Separately - also in the Income Section - Tax Withheld appears as:

Retirement Income: Tax Withheld:  -10.00

How can I get the Retirement Income to appear in the Report's Income section as follows:

Retirement Income:    90.00

Gross Distribution:  100.00

Tax Withheld:           -10.00

It's just what I would prefer to see, I previously had the Withholding as a subcategory of an Expense Type Category and it worked fine. What I'm wanting is to see the whole situation neatly grouped together as Retirement Income in a few lines of the Income Section of the Budget Report.

I am already able to budget them together in the Planning Screen.

Ideas?

Thanks,

- Carey

imdcareys · Answer

Hi Tom - I haven't had time to look at this until now.  I think I fixed it by accident. All I did was remove the '1099-R Total IRA Gross Distribution' Tax Line item from Retirement Income and it all started working. I did also rename the categories since it appears Quicken shows them in alphabetical order.

Thanks again for taking time to help me!

-Carey

Tom Young · Answer

My entries above ARE in the checking Account - I should have noted that.

More commonly you enter the NET deposit in the checking Account, and then split it with the "Gross" as shown above being a Transfer from the IRA, then the Taxes Withheld Category, coming to the net.  That's the "normal" accounting most people use.  But if you want all the above detail showing up in a Spending/Budget report then you'd use Categories for all 3 elements, and then walk over to the IRA to make the one-sided entry to get the balance to the correct amount.

imdcareys · Answer

Hi Tom - Thanks for your reply and example!

That's exactly what I'm looking for. Currently, I categorize the transactions in the checking register and not in the IRA.  I will try a test doing it that way to see if it shows up. but I would prefer categorizing in the bank accounts vs retirement accounts since I don't budget from them.

-Carey