IRA Contributions in Quicken MAC

mvonbradsky

How should I record a contribution from a Banking Account to an IRA? Would be nice to indicate the Contribution to a specific year and have it reduce the taxable income for that year. Right now I have it recorded as a. transfer from one account to another.

Quicken Kristina

Hello @mvonbradsky,

Thank you for reaching out to the Community with this question. If you are wanting it to reflect the correct tax line information, instead of doing a transfer, you may need to record it as two separate transactions. For the money coming out of the banking account, you may want to use an expense category like IRA Contribution, that shows the correct tax line item. You could also create a new category and assign the proper tax line item to it.

Since the expense transaction would not automatically create a transaction in the IRA account, you would also need to create a deposit transaction into the IRA.

I hope this helps!