RMD TRANSFERS FROM AN IRA ACCOUNT TO A TAXABLE ACCOUNT - stocks vs cash
If stocks are transferred instead of cash as part of the MRD requirements, how can this be entered in Quicken so the value shows as a taxable IRA distribution on the tax planner and in reports?
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"Sell" the stock in the IRA. Because it's a IRA Quicken won't place the gain/loss in the Capital Gains report or in any tax report. Transfer the cash to a taxable Account and Quicken will pick up the IRA income that way. Use the "cash" to "buy" the stock at whatever market value used for the income reporting when the stock was transferred.
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You should consult your tax advisor, but in general there is no tax benefit from receiving securities directly from an IRA vs receiving in cash. You owe tax on the fair market value of the assets on the date of the transfer.
In Quicken, you can record a Sell of the securities in the IRA, transfer the proceeds as described in the discussion below, and Buy the securities for the same price in the taxable account.
If you agree that Quicken should make improvements in this area, please review, comment, and vote on this Idea post
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just curious - if you sell stocks, mutual funds, ETFs, from an IRA - that have a "loss"
and then buy them in your taxable account …. how does the Wash Sale come into play ?0 -
It doesn't, because there was no loss.
Quicken user since version 2 for DOS, now using QWin Biz & Personal Subscription (US) on Win10 Pro.
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… but if you do it the other way around, there can be a wash sale
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