Memorize RMD transaction with split for withholding

LL Member
edited January 28 in Investing (Windows)
Q2019, R17.6, Build 27.1.17.6 on Windows 10 (64 bit). Cannot memorize RMD transaction with splits for withholding.  I download the RMD withdrawal from the tax deferred IRA account and transfer the gross RMD to a taxable account using a split transaction recording the fed and state withholding showing the correct net amount transferred. I delete the downloaded transactions which show separate fed and state withholding transactions in the IRA.  However I am not able to memorize these transactions and apply them monthly.  If I do memorize the RMD distribution, i get duplicate tranaction entries in both the IRA and taxable account.  Furthermore, the Tax Summary report never seems to show the correct taxes withheld.

Is there some way to set up a memorized transaction that correctly shows the fed and state withholding without having duplicate entries in the IRA and taxable account.  Curiously I also have to deleted both duplicate entries in both accounts to try to get the correct amounts.

Any work around or setting change suggestions to try will be appreciated.  I have used Quicken for about 20 years and have always had to spend hours trying to get the tax reporting corrected.

Thanks.

Comments

  • Bob_LBob_L SuperUser ✭✭✭✭✭
    edited January 26
    The key is to create an income reminder as a DEPOSIT in to the non IRA account with splits to account for the withholdings. So the first line of the deposit split will be a transfer from the Ira account followed by the split lines for the withholding amounts as reductions. You will also of course need a sell transaction within the IRA that created the cash for the transfer,(this can come from the download from the FI).



    Edit the IRA account and click the tax schedules button to set up transfers out as taxable IRA distribution.


    If your broker downloads a separate transaction for the withholding, then just delete it as you have already covered it in the deposit.
    Quicken Premier Subscription, Windows 10 Pro
  • NotACPANotACPA SuperUser ✭✭✭✭✭
    edited January 26
    Bob L said:

    The key is to create an income reminder as a DEPOSIT in to the non IRA account with splits to account for the withholdings. So the first line of the deposit split will be a transfer from the Ira account followed by the split lines for the withholding amounts as reductions. You will also of course need a sell transaction within the IRA that created the cash for the transfer,(this can come from the download from the FI).



    Edit the IRA account and click the tax schedules button to set up transfers out as taxable IRA distribution.


    If your broker downloads a separate transaction for the withholding, then just delete it as you have already covered it in the deposit.

    The key component of Bob L's reply is that the SPLIT, and the tax withholding MUST be done in the taxable account  ... as must be the Memorized transaction containing this split
    Q user since DOS version 5
    Now running Quicken Windows Subscription
    Retired "Certified Information Systems Auditor"
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