Quicken Community is moving to Single Sign On! Starting 1/22/21, you'll sign in to the community with your Quicken ID. For more information: http://bit.ly/CommunitySSO
Managing RMDs

Is there some direct functionality for handling RMDs? There is no category for RMDs which will enable simple reporting for budgeting or taxes. There are work arounds, but those are clumsy and inadequate for effective tracking.
0
Best Answers
-
Jim_Harman SuperUser ✭✭✭✭✭
No, there is currently no special support for RMDs.
If you would like to see Quicken improved in this area, please vote on this product improvement Idea by clicking on the little up arrow in the big blue box at the top of the discussion.
https://community.quicken.com/discussion/7864626/improve-handling-of-ira-distributions-qcds-and-roth-conversions
-- Jim QWin Premier subscription1 -
Sherlock SuperUser ✭✭✭✭✭
Quicken does not provide direct functionality for handling RMDs. As you noted, there are work arounds. I disagree with you though as I do not find them to be clumsy and inadequate for effective tracking.Quicken user since 1997
Premier on Windows 105
Answers
If you would like to see Quicken improved in this area, please vote on this product improvement Idea by clicking on the little up arrow in the big blue box at the top of the discussion.
https://community.quicken.com/discussion/7864626/improve-handling-of-ira-distributions-qcds-and-roth-conversions
Premier on Windows 10
Sherlock, I started with Quicken back in '95, but due to PC corruptions, lost data going back before 2014. None of that is relevant to this discussion....Can you describe your work arounds for handling RMDs / IRAs?
In case you are unaware, the RMD was waived in the CARES act for 2020: https://www.irs.gov/newsroom/irs-announces-rollover-relief-for-required-minimum-distributions-from-retirement-accounts-that-were-waived-under-the-cares-act
Premier on Windows 10
What users need to do is simply make sure their total withdrawals for the year exceed the required minimum (again noting the exception for this year). For me that can accomplished with a simple Investment Transactions report customized to the IRA account and Withdrawal (or XOut) transactions for the applicable year.
The other 'consideration' is the the "Tax Schedule" (Edit Account Details) for the account should be properly set to have Transfers Out categorized to the proper tax line. That is, if the user wants withdrawals to properly flow into tax planners and tax reports. But again, there is nothing special about RMDs in that context.