Can quicken for Mac designate an IRA account at Vanguard as non-taxable.

Question

My Quicken for Mac does not allow me to separate taxable and non-taxable investment income. Instead, both IRA and brokerage accounts show as taxable income. A Quicken advisor told me this distinction in taxable vs non-taxable could be made in Quicken for Windows by specifying the IRA account as non-taxable when it is set up, but that this cannot be done on Quicken for Mac.

Can this be fixed in a future update?

[Edited - Readability]

jacobs · Answer

@jmathews  Are you now talking about non-taxable income in a taxable account, such as a tax-free bond fund in a regular brokerage account? If yes, there's an easy way to handle that: for a particular bond or fund which is non-taxable, open the security in the Securities window, and check the "This security is tax-exempt" box. And dividends or capital gains from this security will be reported as tax-free in any reports.

But if you're talking about accounts which are taxable versus non-taxable, as it seemed in your original post, then as I wrote above, you simply omit the retirement accounts when you're generating a standard report for the purposes of seeing your taxable income. And/or use the tax reports, which by default exclude the retirement accounts.

Those two things allow accurate reporting of taxable and non-taxable income in Quicken Mac. If you think something is still missing, please provide more information about you're looking for a solution for that isn't explained here?

Jon · Answer

@jmathews As @jacobs pointed out, most Quicken reports do not separate out taxable vs non-taxable income - you have to customize the report and exclude the tax-deferred and non-taxable accounts to remove income in those accounts from the report. But the Tax reports should do it automatically.

jmathews · Answer

Quicken help informed me today that Quicken Mac cannot make a distinction between taxable and non-taxable income from Vanguard accounts. If you have a solution, please share it.