Downloaded IRA RMD withdrawals will not match manual transactions

Question

I have an IRA mutual fund account where I take monthly RMDs. Each RMD consists of:

* A Sell of fund shares to generate cash
* A Withdraw for the net RMD amount (sent to a bank savings account or to a taxable mutual fund account)
* A Withdraw for the federal tax withholding (I track withholding separately for each IRA fund so I can reconcile my 1099‑R forms)

In the destination account (Savings or taxable mutual fund), I enter a split transaction that includes:

* The gross RMD as a transfer from the IRA
* The federal withholding as a tax category
* The net deposit as the transaction total

This part works correctly.

The issue:

When the IRA account downloads transactions from the financial institution, the two cash withdrawals (net RMD and federal withholding) appear in the Downloaded Transactions list. The amounts and dates match my manual entries exactly, but Quicken does not offer a Match option — only Delete.

The downloaded transactions come in with action types like Cash or Electronic Transaction, and sometimes with descriptions like Unidentified Security. Because the action type does not match my manual Withdraw entries, Quicken refuses to match them.

I cannot change the action type on the downloaded transactions, so I cannot force a match.

Result:

Each month I must delete the downloaded transactions, even though the manual entries are correct and the amounts match.

Question:

Is there a way to make Quicken recognize these downloaded IRA withdrawals so they can be matched to existing manual transactions?

Or is this a limitation of how Quicken handles downloaded cash movements in investment accounts?

I have similar RMD transfers going to a taxable mutual fund account, and the same issue occurs there as well.

Thanks for any guidance.

rpixley · Answer

Until VOYA fixes their mistake, this will have to do. Recently, NYC's IRA/401K site admitted there is a problem with their latest and greatest no longer playing well with Quicken Classic and causing headaches with those who track transactions. No info was presented on whether other financial management software has the same problem, they only admit a problem with Quicken Classic.

Sceptic · Answer

@rpixley yes, that would definitely work.  That would also mean that the downloaded transactions in the Voya IRA would need to be deleted each month since you are creating your own transfer with the gross amont.

rpixley · Answer

VOYA is the financial institution. They are tone-deaf on this issue.

On Sceptic's post, after some experimenting, I found the easiest way to fix this is to create a split transaction in the [receiving account] (a savings account, a non-ira mutual fund account, etc.)] with categories the [source account (the IRA, 401K, etc.)] having the gross amount, and transaction lines for Fed/State taxes, which must be reported as negative amounts. The transaction total should match the net amount going into the receiving account. In the source account, Quicken appears to create a corresponding Xout tranaction for the gross amount.