IRA Distribution transactions and Scheduled Transaction Group are functionality deficient

DoctorBrown

In an IRA Setting my FI sells a MMF and transfers the proceeds to my checking account. The Withholding taxes are taken from the amount by the FI. Transactions are entered by the FI and appear in the downloaded transactions as two negative transaction to Tax:State and Tax:Fed and a transfer of the balance of the sell to my checking account.

In order for this to be recorded correctly in my Tax Schedule, I have to:

1. Create a Bill & Income reminder with a Split transaction to my checking account with - Split 1: [IRA Account], the gross distribution; Split 2: Tax:Fed; Split 3: Tax:State. (Creates a WithdrawalX in IRA.)
2. Add a Sold transaction for the MMF, the fund source and my FI doesn't generate a Sold download transaction.
3. Delete the three transactions downloaded from my FI.

Although it has been this way for as long as I know, to me (surely longer), this is messed up. And I DELETE (not accept/edit) downloaded transactions.

The Split in the checking account is artificial because my checking account never sees the tax withholding and Quicken doesn't record the fact that the taxes are transferred to and recorded by the IRS. The FI DOES report them to me in the downloaded transactions.

Now, on to the New Scheduled Transaction Group. it seems I can only select from Regular OR Investment, not transactions from both. This seems to defeat the purpose and intention of the function.

But the transactions to do the above sequence (except for step 3) can be remembered in the Memorized Payee list (Step 1) and the Memorized Investment Transaction List (Step 2). Which the New Scheduled Transaction Group window can see, but can't be combined into one group. Why not? Isn't that the purpose of the function? I see almost no other reason to have this function since in the case of Memorized Payee an item can be create in B&IR for everything in that list.

And since Group is created in the B&IR calendar, all bases would be covered for automation.

Quicken Kristina

Hello @DoctorBrown,

Thank you for sharing your experience. Do you have similar transactions in other account types? If you do, does Quicken handle them the same as you describe with the IRA?

The limitation on transaction groups that you point out is intended behavior, although I can understand how it's frustrating that it doesn't support your use-case. Our article on investment transaction groups lists some of the uses the feature is intended for: Use these procedures to schedule recurring investment transactions other than dividend and interest payments (for example, dollar cost averaging, DRIPs, or other transactions in which there are purchases on a regular basis).

If you'd like to see that functionality changed, I recommend creating an Idea post to request the change. Ideas that get enough votes may be implemented in the future. For information on creating an Idea post, please review the post linked below:

https://community.quicken.com/discussion/7849425/creating-and-voting-for-ideas-in-the-community

I look forward to your response!