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Tax Planner not showing IRA Withdrawls

Fidelity records an IRA Withdrawal. The category is assigned to my checking account. Tax Schedule is set to 1099-R Gross Distribution for this account.  Nothing is showing in the Tax Planner. Quicken 2019 R16.14

Comments

  • Steven VagnozziSteven Vagnozzi Member ✭✭
    edited December 2018
    Do you have your IRA account set up in Quicken?  If yes, is the transaction showing as a transfer in Quicken?
  • Unknown Member
    edited December 2018
    Two things:

    1 Do you have the TAX LINE assigned to the 1099-R Gross Distribution category?

    2 Where did you set the 1099-R Gross Distribution category?  Right click on the IRA account, select Tax Schedule at the bottom, and then Transfers Out should show "1099-R Gross Distribution".  Then, you should have sold the IRA securities, resulting in a cash balance and then transferred the cash amount to your checking account or some other non-IRA investment account.
  • J_MikeJ_Mike SuperUser ✭✭✭✭✭
    edited December 2018
    @Angelo

    See this FAQ for entering retirement distributions in QWin;

    https://getsatisfaction.com/quickencommunity/topics/faq-best-way-to-handle-distributions-from-ira?to...

    Using this procedure should result in proper reporting of distributions in the tax reports and in the Tax Planner - it works for me.

    Post back if you have any issues.
    QWin & QMac (Deluxe) Subscription
    Quicken user since 1991

  • Rocket J SquirrelRocket J Squirrel SuperUser ✭✭✭✭✭
    edited December 2018
    JM said:

    @Angelo

    See this FAQ for entering retirement distributions in QWin;

    https://getsatisfaction.com/quickencommunity/topics/faq-best-way-to-handle-distributions-from-ira?to...

    Using this procedure should result in proper reporting of distributions in the tax reports and in the Tax Planner - it works for me.

    Post back if you have any issues.

    The procedure in the link provided by JM is correct. The key is to go to the receiving account and create a Deposit transferring from the IRA.

    And just to emphasize, the Tax Line Item you need to use for transfers out of the IRA is 1099-R:Total IRA taxable distrib. The "gross" version is not noticed by the Tax Planner.
    Quicken user since version 2 for DOS, now using QWin Premier Subscription on Win10 Pro.
  • Angelo BioneAngelo Bione Member ✭✭
    edited December 2018
    Just a little more defined info. I get two withdrawal transactions posted from Fidelity. One is a federal tax withholding that they keep. The second is the cash transfer (deposit) to my Suntrust checking account. These second transaction categories  match so that when the money to the checking account arrives it all aligns. If I understand the FAQ correctly, I would have to erase both of the Fidelity transactions downloaded into Quicken and replace them with a split deposit transaction in the checking account. I tried this and it appeared to pick up the tax information but not the taxable gross distribution. Still playing with it. 
  • J_MikeJ_Mike SuperUser ✭✭✭✭✭
    edited December 2018

    Just a little more defined info. I get two withdrawal transactions posted from Fidelity. One is a federal tax withholding that they keep. The second is the cash transfer (deposit) to my Suntrust checking account. These second transaction categories  match so that when the money to the checking account arrives it all aligns. If I understand the FAQ correctly, I would have to erase both of the Fidelity transactions downloaded into Quicken and replace them with a split deposit transaction in the checking account. I tried this and it appeared to pick up the tax information but not the taxable gross distribution. Still playing with it. 

    You are on the right track.
    Yes, you delete the two Fidelity transactions - the withholding and the net distribution.
    Yes, you enter the split transaction in your checking account.
    The transfer of the gross distribution out of the retirement account replaces the two Fidelity transactions (gross = net + withholding).

    Double check your tax line assignment for "Transfers Out" for your retirement account per the referenced post and per Rocket J Squirrels post (1099-R:Total IRA taxable distrib.).

    In addition to reviewing results in the Tax Planner, also check QWins Tax Schedule Report for proper reporting.
    QWin & QMac (Deluxe) Subscription
    Quicken user since 1991

  • mshigginsmshiggins SuperUser ✭✭✭✭✭
    edited December 2018

    Just a little more defined info. I get two withdrawal transactions posted from Fidelity. One is a federal tax withholding that they keep. The second is the cash transfer (deposit) to my Suntrust checking account. These second transaction categories  match so that when the money to the checking account arrives it all aligns. If I understand the FAQ correctly, I would have to erase both of the Fidelity transactions downloaded into Quicken and replace them with a split deposit transaction in the checking account. I tried this and it appeared to pick up the tax information but not the taxable gross distribution. Still playing with it. 

    From C. D. Bales:

    Click "View tax form line items used here" on the "Taxable IRA\Pension Distributions" row in the tax planner, to see whether Quicken intends to include your Tax Schedule choice in the tax planner.
    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the  Quicken Windows FAQ list
  • Angelo BioneAngelo Bione Member ✭✭
    edited December 2018
    I now have this working based on the feedback supplied. I do wish there was a way to store commonly used splits that I need to apply every month like Social Security payments (split Part D, Gross Payment, and Fed tax out) and the ones discussed here (Withdrawal, Fed and State taxes). 
  • Steven VagnozziSteven Vagnozzi Member ✭✭
    edited December 2018
    Do you have you Social Security payment set up as a paycheck reminder?
  • J_MikeJ_Mike SuperUser ✭✭✭✭✭
    edited December 2018

    I now have this working based on the feedback supplied. I do wish there was a way to store commonly used splits that I need to apply every month like Social Security payments (split Part D, Gross Payment, and Fed tax out) and the ones discussed here (Withdrawal, Fed and State taxes). 

    @Angelo

    You can effectively "store" transactions for future use.
    Suggest you open Help and search for "Create bill or income reminder".

    Toe get you started, right-click on a register transaction.
    In the menu list, select "add Reminder".
    Just follow the dialog.

    To help with scheduling your Social Security income, see the attached screenshot.

    image
    QWin & QMac (Deluxe) Subscription
    Quicken user since 1991

  • Angelo BioneAngelo Bione Member ✭✭
    edited December 2018
    Thanks to all. I will add two paychecks after 1/1/19 when I setup my 2019 budget planner. Happy New Year 2019 to all. May your investment accounts be fruitful. 
This discussion has been closed.