How to categorize an IRA withdrawal as income

Question

I'm on a Windows computer, latest Quicken version R68.28

So, I'm of an age where I must take an RMD (required minimum distribution) from my IRA annually. When I do that, Quicken ,sees it as a transfer from one account to another. How do I classify it as ordinary income and still show it as an addition to my banking account?

NotACPA · Answer

@Quicken Kristina @ccastoro1340 Actually, I believe that there's one additional step …  but this one only needs to be performed once per retirement account

Do TOOLS, Account List, click EDIT next to the retirement account, click TAX SCHEDULE at the bottom of the Account Details and set the tax line to use for transfers out of the retirement account.

Quicken Kristina · Answer

Hello @ccastoro1340,

Thank you for reaching out! To clarify, are you trying to get it to show as income for tax purposes? If so, you may find this process shared by @Jim_Harman helpful:

https://community.quicken.com/discussion/comment/20535747#Comment_20535747

I look forward to your response!