RMD update?

Wayne Daren
Wayne Daren Quicken Windows Subscription Member ✭✭✭
edited March 2022 in Investing (Windows)
Has there been a development in proper handling of RMD's and tax withholding?
So what is the current preferred method of handling?
I still can't get Q R38.29 to properly account for the gross distribution when it is transferred to a checking account. This is an especially tiresome event when it comes out of more than one mutual fund every month.

This is a common problem and should get more attention than cosmetic changes to the program.

Best Answer

  • Bob_L
    Bob_L Quicken Windows Subscription SuperUser ✭✭✭✭✭
    Answer ✓
    The key is to create the transaction(or reminder) as a deposit in your checking account with the money coming from the IRA as a transfer in.  If taxes are withheld include that as a split to that deposit.  Transfers out for the IRA should be set to the 1099 taxable distributions.

    I use an auto enter reminder which then creates a negative cash balance in the IRA.  Since I download the IRA account I just then wait for the sell transactions to show up, bringing the cash balance back to zero.  If that doesn't happen I know something is wrong.

    Quicken Business & Personal Subscription, Windows 11 Pro

Answers

  • Bob_L
    Bob_L Quicken Windows Subscription SuperUser ✭✭✭✭✭
    Answer ✓
    The key is to create the transaction(or reminder) as a deposit in your checking account with the money coming from the IRA as a transfer in.  If taxes are withheld include that as a split to that deposit.  Transfers out for the IRA should be set to the 1099 taxable distributions.

    I use an auto enter reminder which then creates a negative cash balance in the IRA.  Since I download the IRA account I just then wait for the sell transactions to show up, bringing the cash balance back to zero.  If that doesn't happen I know something is wrong.

    Quicken Business & Personal Subscription, Windows 11 Pro

  • Wayne Daren
    Wayne Daren Quicken Windows Subscription Member ✭✭✭
    I will check it out next month. Thanks.
This discussion has been closed.

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