IRA Distributions showing a "category" and a "tag" of "--Split--" in Tax Schedule

elorimer
elorimer Quicken Windows Subscription Member ✭✭
in Reports (Windows)

When I run a Tax Schedule report, transactions (which are not split) that are reported as taxable IRA distributions appear with "—Split—" in both the category and tag columns. This is true whether distributions out of the IRAs are assigned a tax line category of "gross distribuitons" or "taxable distributions", and whether the particular trnasactions are entered as "Withdrawals" or "Cash Distributons Out". Both are reported correctly in the tax report, just with these extraneous entries.

I think this has just started.

The only reason it is a pain is because I process the tax schedule report with Power Query with m code, and now I have to redo a bunch of them.

Comments

  • Jim_Harman
    Jim_Harman Quicken Windows Subscription SuperUser ✭✭✭✭✭

    I do not have this problem.

    How are your distributions recorded in Quicken? - Normally a taxable IRA distribution should be recorded as a Deposit in a taxable account, not as a transfer or withdrawal in the IRA.

    Where do you see the selection "Cash distributions out?" or is it really "Cash transferred out of account?"

    QWin Premier subscription
  • elorimer
    elorimer Quicken Windows Subscription Member ✭✭

    Thanks, helpful.

    1. If in the IRA I enter a transaction as "Cash transferred out of account" (you are right), it appears as "WithdrwX" in the IRA, and "Xin" in the destination accocunt. "—Split—" shows in the Tax Schedule in the Category field. If I enter the transaction as "Cash Transactions—Withdraw" the same result, except that the transaction is now "Withdrw" in the IRA
    2. If I then go to the destination account and change "Xin" to "Deposit", the IRA remains unchanged, but the Tax Schedule now shows the IRA account in the Category field.
    3. Either way, the tax line item is Total Taxable IRA Distributions, which is assigned in the IRA as cash transferred out of the IRA. But it appears in the Tax Schedule report under the destination account, not the IRA. I can't assign the line item to the destination account, because transfers in and out happen all the time.

    So it seems that of the four ways to code the transaction, one works without this issue, and the other three present the issue. I haven't tried the combinations when entering the transaction from the destination account side.

  • markus1957
    markus1957 Quicken Windows Subscription SuperUser, Windows Beta Beta

    I would also check your Memorized Payee List to verify that a split did not get inadvertently entered for the types of transactions you are having issues with.

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