federal tax withholding on an RMD is duplicated in the budget

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BobDee*740
BobDee*740 Member ✭✭
edited April 2022 in Budgeting and Planning Tools (Windows)
federal tax withholding on an RMD is duplicated in the budget actual categories as federal tax withholding and federal estimated tax. federal esitmated tax on a regular pension is reflected correctly in the actual tax withheld and not also duplicated as federal estimated

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  • Sherlock
    Sherlock Member ✭✭✭✭
    edited March 2022
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    There should not be any federal estimated tax on RMD or a regular pension.  If you haven't already,  you may want to review: FAQ: Best way to handle distributions from IRA - also RMD
  • BobDee*740
    BobDee*740 Member ✭✭
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    I treated Pensions as a paycheck and never had this problem. I set up the RMD the same way as I had pensions and when I did, for some reason, it duplicated the federal withholding in the budget as both federal withholding and federal estimated tax
  • Bob_L
    Bob_L SuperUser ✭✭✭✭✭
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    @BobDee*740. You need to look at what @Sherlock linked as you may somehow be categorizing the RMD like a pension and then double counting it when it is transferred out of the IRA.  Delete your present RMD and replace it with one as explained in that link.  Be sure to create the new reminder as a deposit to the non-IRA account.

    Quicken Business & Personal Subscription, Windows 11 Home

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