‘Tax Schedule report’, ‘1099-R:Total IRA taxable distrib’ section. Missing\Incorrect entries.

Quicken Windows Subscription Member ✭✭✭
edited May 6 in Reports (Windows)

Windows 11 Enterprise Build 27.1.62.16:

I have a personal Non Tax deferred account [IRA Taxable Distributions], the purpose is to track Taxable distributions to my personal accounts.

  • I have the ‘1099-R:Total IRA taxable distrib.’ Tax line item assigned to Transfers from this account.

I can run a Transaction report on the account and get the desired results.
However I am not getting the expected results from the ‘Tax Schedule Report’

-I verified the ‘1099-R:Total IRA taxable distrib.’ Tax line item was not assigned to any other categories or accounts (Would be great if I could run a report for Tax line assignments to verify this)

  • I verified all line items are reconciled in the [IRA Taxable Distributions] account.

This is the first time I have tried the ‘Tax Schedule report’
The results for the ‘Tax Schedule report’ are accurate with the exception of the ‘1099-R:Total IRA distrib’ section.

There should be 10 line items in the ‘1099-R:Total IRA distrib’ section.
The ‘Tax Schedule Report’ has 6 items.

  • One of the line items is negative (I verified that indeed was a transfer out, same as all others)
  • Two of them have one parent line item but two entries of the same amount.

So I customized the canned ‘Tax Schedule Report’ to

  • Include all accounts
  • Include all Categories
  • Include all Payees
  • Include all Tags
  • Include all Amounts, Transactions, Status’s, Transfers and Tax Forms

As well as verified the items are reconciled in the destination accounts.

The ‘Tax Schedule report’, ‘1099-R:Total IRA distrib’ section did not change. It still contains 6 items described above.

I closed and started Quicken (Windows 11 Enterprise Build 27.1.62.16)
I performed a ‘File validation.
I closed and started Quicken again.

Did not change the ‘Tax Schedule report’, ‘1099-R:Total IRA distrib’ section. It still contains 6 items described above.

Any thoughts as to what the issue might be?

Dan

Using Quicken since the 1980's
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Best Answers

  • Quicken Windows Subscription SuperUser ✭✭✭✭✭
    edited April 3 Answer ✓

    The Tax Schedule Report works correctly for me. Taxable IRA distributions should be in the "1099R:Total IRA Taxable Distrib." section. Did you leave out "Taxable" in your discussion title?

    How does money get into your IRA Taxable Distributions account? Is it via transfers from your Traditional IRA accounts? If so, go to each Traditional IRA account, click on the gear at the top right, and select Edit account details. On the Account Details dialog, click on Tax Schedule. This will show the Tax Line items that are assigned to transfers into and out of the account. The line item for transfers out should be "1099R:Total IRA Taxable Distrib."

    For Roth IRAs, the tax line item for transfers out should be blank, because these transfers are generally not taxable.

    It is these Tax line items that are captured for the Tax Schedule report.

    In the Tax Schedule report, taxable accounts are included by default and tax deferred accounts are not included. You should not change this.

    Also make sure in the IRA Account Details that they are marked Tax Deferred.

    Historically, transfers from IRAs had to be entered as Deposits in the taxable account, not as an XOut from the IRA. I think this has been fixed recently.

    Please let us know if this fixes the problem for you. If not we can explore further.

    QWin Premier subscription
  • Quicken Windows Subscription Member ✭✭✭
    Answer ✓

    The entries which were not showing up were "XOut" from the IRA. When I changed entries in the Traditional IRA accounts to two separate transactions ("Sell - Shares Sold" and "Cash Transferred Out of account") the report rendered correctly.

    Using Quicken since the 1980's

Answers

  • Quicken Windows Subscription SuperUser ✭✭✭✭✭
    edited April 3 Answer ✓

    The Tax Schedule Report works correctly for me. Taxable IRA distributions should be in the "1099R:Total IRA Taxable Distrib." section. Did you leave out "Taxable" in your discussion title?

    How does money get into your IRA Taxable Distributions account? Is it via transfers from your Traditional IRA accounts? If so, go to each Traditional IRA account, click on the gear at the top right, and select Edit account details. On the Account Details dialog, click on Tax Schedule. This will show the Tax Line items that are assigned to transfers into and out of the account. The line item for transfers out should be "1099R:Total IRA Taxable Distrib."

    For Roth IRAs, the tax line item for transfers out should be blank, because these transfers are generally not taxable.

    It is these Tax line items that are captured for the Tax Schedule report.

    In the Tax Schedule report, taxable accounts are included by default and tax deferred accounts are not included. You should not change this.

    Also make sure in the IRA Account Details that they are marked Tax Deferred.

    Historically, transfers from IRAs had to be entered as Deposits in the taxable account, not as an XOut from the IRA. I think this has been fixed recently.

    Please let us know if this fixes the problem for you. If not we can explore further.

    QWin Premier subscription
  • Quicken Windows Subscription Member ✭✭✭

    Thanks Jim,

    As usual a quick and accurate response!

    I did leave the "Taxable" out of the discussion title.

    The money is via transfers from my "Traditional IRA accounts". The Tax line item is "1099R:Total IRA Taxable Distrib" for transfers out of the Traditional IRA accounts. The Traditional IRA accounts are marked as "Tax Deferred"

    I am using the report from [Reports and Graphs][Tax][Tax Schedule (for export to Turbo Tax] with no modifications (except for the date range)

    The solution is the last item you mentioned;

    The entries which were not showing up were "XOut" from the IRA. When I changed entries in the Traditional IRA accounts to two separate transactions ("Sell - Shares Sold" and "Cash Transferred Out of account") the report rendered correctly.

    Thank you for your expertise!

    Dan

    Using Quicken since the 1980's
  • Quicken Windows Subscription Member ✭✭✭
    Answer ✓

    The entries which were not showing up were "XOut" from the IRA. When I changed entries in the Traditional IRA accounts to two separate transactions ("Sell - Shares Sold" and "Cash Transferred Out of account") the report rendered correctly.

    Using Quicken since the 1980's
  • Quicken Windows Subscription SuperUser ✭✭✭✭✭

    @DJW - Are you having the brokerage withholding any income tax from your IRA distribution?

    If so, then you need to be entering a deposit transaction with a split category into the checking account (or whatever account the distribution is being transferred to).

    1. DEPOSIT AMOUNT: The net after-tax amount…a positive number.
    2. LINE 1 OF THE SPLIT CATEGORY: A transfer from the IRA account for the total before-tax amount of the distribution…a positive number.
    3. LINE 2 OF THE SPLIT CATEGORY: The amount of the tax withheld using the appropriate category…a negative amount.
    4. THE SPLIT CATEGORY TOTAL SHOULD EQUAL THE DEPOSIT AMOUNT.

    It needs to be done this way because expenses (of any kind) made in an IRA are not captured as tax-related events by Quicken. But they can be captured in a taxable account like a checking account.

    If there is tax withheld and it is not done this way then the amount transferred from the IRA to the checking account will be the net after-tax amount, not the total before-tax amount that it should be. So what will be shown in the Tax Reports and Tax Planner will not reflect the true taxable distribution amount.

    In addition, the tax withheld will not be captured in the Tax Reports nor Tax Planner.

    In the IRA account, if there is a security sold transaction for the tax withheld amount: Edit the transaction so the cash from that transaction is deposited to the IRA account's cash balance instead of being expensed to tax withheld.

    If, however, you are not having the broker withhold income tax, then the way you are now doing it works well.

    Quicken Classic Premier (US) Subscription: R62.16 on Windows 11 Home

  • Quicken Windows Subscription SuperUser ✭✭✭✭✭
    edited April 6

    @DJW I don't see the same issue you describe as not working.

    If you go to Help > about Quicken, what version of Quicken does it say are you running?

    If you click on the gear for your IRA account and select Edit account details, what does it show next to Account Type? Is it Traditional IRA or something different?

    How did you enter the XOut transaction?

    For me, with R62.16 and a Traditional IRA, it does not allow XOut transactions from the Action dropdown.

    If I click on Enter Transactions and select Cash transferred out of account, I can select a taxable account and the transaction is entered as a WithdrawX and it appears on the Tax Schedule report as expected.

    If I select Withdraw from Enter Transactions and a taxable account in [square brackets] as the Category, it enters a Withdraw transaction and the Tax Schedule report is also correct.

    If I select Sell - Shares sold from Enter Transactions and select a taxable account for the destination proceeds, it creates a SoldX transaction and the distribution does NOT appear on the Tax Schedule report. Is this the problem you are actually seeing?

    QWin Premier subscription
  • Quicken Windows Subscription Member ✭✭✭
    Jim_Harman

    I have R62.16.

    Yes to the last question

    Originally I selected 'Sell-Shares Sold' transaction, entered the details of the transaction. In the 'Record proceeds ?' section I selected 'To:' button and then selected the taxable account. This generated the SoldX which does not work.

    Per your suggestion I separated the 'SoldX' int two transactions. A 'Sell' ('Sold')and a 'Cash Transferred out of Account' ('XOut'). This worked as expected.

    Using Quicken since the 1980's
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