RMD record keeping

bartdawson · January 2021

I want to see RMD data (income, Fed tax withholding) in standard Quicken reports. Seems there should be a ".RMD" file on my computer somewhere, but I can't find it. (1) How can I find it? (2) How do I input data in Quicken? (3) Will Fed W/H show up in standard Tax reports?

NotACPA · January 2021

An RMD is recorded as a transfer from your retirement account to a non-retirement account.

Edit, in the non-retirement account, the amount to reflect only the amount actually received (Net) as the deposit amount and then Split the transaction to show the Gross amount of the transfer as a positive number, and any deductions (such as Taxes withheld) as negative amounts.

dalec · January 2021

How does it reflect on a report I see the transaction and have recorded it properly But how do you get it to show on a report

NotACPA · January 2021

@dalec Which report are you interested in? And, MANY of Q's reports have the ability to show the contents of a split transaction.

NOTE, however, that this would need to be a banking type report, as the split didn't occur in the retirement account.

Ps56k2 · January 2021

You would also need to enter the Split with some Categories assigned for each line, ... just like you would expect to see on a Payroll stub - else the splits become lost.

Ps56k2 · January 2021

bartdawson said:

I want to see RMD data (income, Fed tax withholding) in standard Quicken reports. Seems there should be a ".RMD" file on my computer somewhere, but I can't find it. (1) How can I find it? (2) How do I input data in Quicken? (3) Will Fed W/H show up in standard Tax reports?

BTW - there is only 1 file for Quicken - your Quicken Data File - QDF -

Everything is stored in that single file.... all data, reports, settings, etc.

1 - your QDF file should be in your /Documents/Quicken/ folder.
There should also be a /BACKUP/ folder that will contain auto backups

2 - You can enter data into Quicken via downloads and One Step Update.
Also, you can enter transactions manually....
You setup Accounts to mimic what you have in the real world.

3 - When enterring data, you need to make sure that each transaction has an assigned "Category" which will in turn be reflected in any Reports.

Ps56k2 · January 2021

There are a few other RMD threads from years past -

here is one with suggested actions -

https://community.quicken.com/discussion/comment/19975706/#Comment_19975706

RMD record keeping

Comments

Categories