Automating a fixed indexed annuity
I have a fixed indexed annuity as an IRA. I annuitized it late last year and receive a fixed amount of income from it each month. I have it set as an automated income transaction in Quicken and it is set up as a "paycheck" because taxes (Federal and State) are withheld from the payment each month. At the start of the annuitization, the value of the annuity was locked and the value decreases each month by the exact amount of the income distribution.
In Quicken, I'm trying to automate the process of having the money from the annuity transfer directly to my checking account, however, because of the tax withholdings, the amount taken out of the annuity is different from the net amount that goes into my checking. I haven't found a way to set up a recurring transaction in my annuity account in Quicken to account for the taxes withheld. The way that I handle it now is to manually reduce the value of the IRA annuity each month when I add the income through the Quicken transaction. Is there some way to automate this so that it is done as one transaction?