IRA Distribution Federal tax Withholding

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QWMax
QWMax Windows Beta Beta
in Investing (Windows)
I have a category "Tax:Fidiciary Withholding" with tax related line item of "1099-R:IRA federal tax withheld.
Each month the investment makes 2 sell transactions (one for the distribution and one for the taxes) into the cash balance of the investment.
I create a withdraw transaction from the investment with split transaction (transfer cash to a savings account and a second for the Tax:Fidiciary Withholding category).
However the Tax:Fidiciary Withholding line item does not report as a tax line item when used in the IRA investment register but will if create a transaction in a banking register.
Any ideas why?
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  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
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    The IRA account itself is not included in the tax reports.

    You should create the split transaction in the receiving taxable account. The first part of the split should be for the gross amount with the category set to the IRA account in [brackets]. This is a transfer. Then enter the tax amount as a negative value, with the appropriate category. The net amount of the transaction is what gets deposited in the taxable account.
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  • QWMax
    QWMax Windows Beta Beta
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    Thanks Jim - Didn't think I would have to pull this rather than push it. Does look like it updates tax reports the way I would expect it to. Curious as entering the pull transaction, even though it states a withdrawX and transfer in the investment account, a msg pops up telling me I am making a deposit in the investment register and do I want it accounted for in 2019 or 2020...

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