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registering retirement income

Hi - I track both my retirement account and my bank account in Quicken - when I get a monthly payment from my retirement account, it is registered as a "transfer" between the two accounts - however, because it's a transfer, it doesn't show up in my income/expense report as "income". Any ideas on how I should register this so it shows up as income?

Thanks!
Tom

Best Answer

Answers

  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    In the retirement account setup, set the "Transfer Out" tax attribute to reflect the appropriate IRS tax form and tax line.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • TomPlant
    TomPlant Member ✭✭
    I guess I should clarify - this is an investment account that my financial advisor transfers a monthly "retirement income" from - I didn't see the tax attributes in the investment fund, maybe that's just for IRAs and things like that?
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    But is that "investment account" a Taxable account, or a Tax Deferred account?  Because if it's a Taxable account, the transfers from the account to your checking account aren't taxable ... not matter what the financial advisor calls them. Just like moving your wallet from pocket to pocket isn't taxable.
    In Q, do TOOLS, Account List, and click EDIT adjacent to the account name to see what's setup there.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • volvogirl
    volvogirl SuperUser ✭✭✭✭
    Let's put it this way.  At the end of the year do you get a 1099R for Distributions from it or a 1099B for sales or 1099Div for Dividends?
  • TomPlant
    TomPlant Member ✭✭
    I believe it’s a 1099R - but, I’m not concerned about the tax stuff - what I’m trying to do is have my income/expenses balance out. Because the retirement income is booked as a transfer from one account to another (brokerage to checking) it’s not seen by Quicken as income. I see how that’s very beneficial when, for example, paying a credit card - but I would like my income to come in as income. I think there’s maybe not a way to do that and that I just need to change it from a transfer to spending from one account and income to the other. Does that sound right?

    Thanks,
    Tom
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Because if it's a taxable account, the transfer from brokerage to checking is NOT INCOME.
    It's just moving the money from 1 taxable pocket to another.
    THUS, it IS a "tax stuff".
    Please answer the questions that I asked earlier if you need help with this
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Scooterlam
    Scooterlam SuperUser, Windows Beta Beta
    edited January 2020
    Apologies,  responded as if the question was for QW!  <Delete>
  • TomPlant
    TomPlant Member ✭✭
    @J_Mike - that sounds exactly right - thanks a lot, I’ll try that!
This discussion has been closed.