IRA distributions

Charles E. Ritter

I recently moved to Quicken for Mac.  Currently I have monthly IRA distributions taken from my IRA at Fidelity.  Federal and state taxes are withheld and the balance is deposited into my taxable MM account at Fidelity.  How do I set this up?

rob4uc

@Charles E. Ritter Not sure how the IRA is set up in your account, but if it is like a Banking account, you could set up a single payment with splits made of two tax expenses and one transfer. If it is like a brokerage, you could make two withdraws for the taxes and an account transfer to the MM account.

Jon

If you want the tax payments to show up on your tax reports then it gets complicated since those reports won’t include withholding inside an IRA. There’s a way to create a split transaction in your money market account that puts the withholdings there instead, if you search the Mac forums you should be able to find an explanation.

jacobs

@rob4uc As noted above, you can create a straighforward scheduled recurring transaction for the transfer out or the IRA, complete with the splits for taxes withheld. It gets more challenging if you want to make your IRA withdrawal show up correctly on tax reports. In this older post which is part of a feature request thread for Quicken to address this, I describe exactly how you can do this:

https://community.quicken.com/discussion/comment/20163550#Comment_20163550

Post back if anything is not clear about how to set up the transaction. (And scroll to the top of that page and add your vote to the Idea topic asking Quicken to provide an automated wya to do this!)