Transferring Shares from IRA to Personal Account

Henry Theloosen

I recently transferred some shares direct from my IRA to my personal account. Quicken (MAC) treated this as a regular transfer, while it should be treated as income on my personal account register. Something like selling the shares in my IRA, transferring that money to my personal account and then buying the same shares back.

When I look at my federal income report from Quicken this transaction is not listed.

Any suggestions?

Tom Young

Quicken on the Windows side of the house doesn't properly handle a transfer of stock out of an IRA and into a taxable account, either.

Here's a discussion about how to do this :

https://community.quicken.com/discussion/7185138/faq-how-to-do-an-ira-distribution-as-a-transfer-of-stock

Tom Young

Quicken on the Windows side of the house doesn't properly handle a transfer of stock out of an IRA and into a taxable account, either.

Here's a discussion about how to do this :

https://community.quicken.com/discussion/7185138/faq-how-to-do-an-ira-distribution-as-a-transfer-of-stock

jacobs

@Henry Theloosen Quicken Mac doesn't have any good functionality for recording taxable IRA withdrawals, period. Even if you sell the shares in your IRA account, transfer the cash to the taxable account, and buy the shares in the taxable account, you'll have the correct holdings, but the tax reports won't show this transaction as taxable income.

What I resort to is a hack. I need to create taxable income in a taxable account, but the transfer can't be categorized. so I create a zero dollar transaction in the taxable account, with two split lines. The first split uses Category=Personal Income:Taxable IRA Withdrawal for the amount of the IRA withdrawal. The second split lines uses Category=Adjustment, for negative of the same amount:

The first split line creates the taxable income which will show up as 1099-R income on the Tax Schedule report; the second line uses the special Adjustment category, which doesn't show up on any report. The transaction is the accounting equivalent of creating a credit without a debit (something you cannot do in accounting). But it works to accomplish what's needed in Quicken. And I actually don't know any other way to do it in Quicken Mac.