Why Does My Roth-IRA Distributions Get Reported as Income?

Dangerruss
Dangerruss Member ✭✭✭
in Registers & Transactions (Windows)
From what I understand, distributions from a Roth IRA is non taxable,
Actually running Quicken 2019 Premier R25.18

Best Answer

  • Sherlock
    Sherlock Quicken Windows Subscription Member ✭✭✭✭
    edited January 2021 Answer ✓
    Open the Roth account, press Ctrl + Shift + E, choose Yes for Tax deferred, select Tax Schedule, select 1099-R: Total IRA gross distrib. in the Transfers out pull-down menu, OK, and OK.

    Note:  The income from a Roth account should be reported as non-taxable.

Answers

  • NotACPA
    NotACPA Quicken Windows Subscription SuperUser ✭✭✭✭✭
    How do you have the tax attributes on that account set?  Merely using the Roth name isn't sufficient.

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • Dangerruss
    Dangerruss Member ✭✭✭
    Not sure how I set tax attributes for this distribution in my checking account.
    Actually running Quicken 2019 Premier R25.18
  • Sherlock
    Sherlock Quicken Windows Subscription Member ✭✭✭✭
    edited January 2021 Answer ✓
    Open the Roth account, press Ctrl + Shift + E, choose Yes for Tax deferred, select Tax Schedule, select 1099-R: Total IRA gross distrib. in the Transfers out pull-down menu, OK, and OK.

    Note:  The income from a Roth account should be reported as non-taxable.
  • Dangerruss
    Dangerruss Member ✭✭✭
    edited January 2021
    I figured that out.. Thanks. But, when I do a report it still shows up as income.
    Actually running Quicken 2019 Premier R25.18
  • Sherlock
    Sherlock Quicken Windows Subscription Member ✭✭✭✭
    Dangerruss said:
    I figured that out.. Thanks. But, when I do a report it still shows up as income.
    There are a variety of ways we may exclude income and expense due to transfers between an account included in a report and an account excluded from a report.  For example, we may exclude the account transfer category: open the report, press Alt + C, select the Categories tab, uncheck the Roth account category. and select OK.

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