What is the best way to handle an Qualified Charitable Distribution in a Quicken IRA account?

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Steve33@
Steve33@ Member ✭✭
in Investing (Windows)
I was hoping to find a "Qualified Charitable Distribution" transaction available in my Quicken IRA account, but none exists. What transaction is the best alternative?
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  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    edited January 2020
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    You might want to review this discussion
    https://community.quicken.com/discussion/7751849/how-to-charitable-distributions-from-my-ira

    And if you would like Quicken to develop a better way of recording these transactions, you can vote for the idea here
    https://community.quicken.com/discussion/7864626/improve-handling-of-ira-distributions-qcds-and-roth-conversions

    To vote, click on the little arrow in the big blue box. Every vote counts!
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  • Sherlock
    Sherlock Member ✭✭✭✭
    edited December 2019
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    I suggest entering a split transaction in a taxable account that includes a tranfer entry for the full amount of the distribution from the IRA.  The QCD may then be entered as another entry in the split transaction with an appropriate category reducing the transaction total.
  • Steve33@
    Steve33@ Member ✭✭
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    Based on the suggested additional reading, I believe that creating the new category Charity - QCD with attributes keeping it off of Schedule A and using it in conjunction with the Misc Exp transaction will work best for me. I have been using the split transaction concept for recording IRA distribution detail in the destination account and that has also worked well for my needs.
    Thanks for your suggestions.
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