Recurring withdrawals from IRA?

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richkitt
richkitt Member ✭
in Registers & Transactions (Windows)
I would like to setup recurring withdrawals from my IRA to my checking account. The withdrawal will have both federal ans state taxes with held. What is the best way to set this up? I wish to track both the withdrawal amount and taxes withheld for use in the tax planner

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  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
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    Generally the best way to do this would be to establish the distribution in the (after-tax) Account that's receiving the funds.  You'd enter the "net" amount received as the deposit in the receiving Account, and then split that amount to reflect the components of the distribution.  The first line of the split would be a positive number recorded as a transfer from the IRA.  The next two lines, entered as negative numbers, would record the withholding for state and federal taxes.
  • jrich75
    jrich75 Member ✭✭✭✭
    edited June 2021
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    This often depends on how the retirement account reports withdrawals. If it is a simple saving account, then a single split transaction works but if it is a funds account then one typically as withdrawals (or sales) from each of the funds and then separate transactions for the combined witholding for Feds and the State as well as a transfer transaction to your after tax account.  I prefer to keep the sales and witholding transactions within the account institution that generates them so only the deposit amount is in the checkng account.  The transfer is the only recurring transaction I set up because the funds distribution changes month to month.

    Quicken user since 1995
    Win11 Deluxe Subscription thru 2024

  • CeilP
    CeilP Member ✭✭
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    I can't copy an RMD transaction from an IRA account with Edward Jones.
  • UKR
    UKR SuperUser ✭✭✭✭✭
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    CeilP said:
    I can't copy an RMD transaction from an IRA account with Edward Jones.

    You might be able to use the Memorized Investment Transaction feature.
    Right-click the existing transaction, select Memorize Investment Transaction.
    Now go to the Memorized Investment Transaction List. You can add an icon to the Quicken Toolbar for easy access, or you can right-click any transaction in the IRA register and select from the popup.
    Once in the investment transaction list, select the memorized transaction, click the Use button. An Edit Transaction dialog will popup to allow you to finish entering data and record a new transaction.
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