IRA Distribution from my JPM IRA Account

Don32@
Don32@ Member ✭✭✭
edited July 15 in Budgeting and Planning Tools (Windows)

I am taking monthly distributions from my JPM IRA Account. When JPM does this, they sell the security to give me a gross amount. JPM splits out the Federal and State taxes, and the net goes into my checking account. How should I handle this transaction in Quicken so that the Federal and State Taxes are showing on a tax schedule?

Tagged:

Answers

  • [Deleted User]
    [Deleted User]

    @Don32@ in your checking account, create a split transaction with the gross amount of the distribution and the Fed WH and State WH amounts. The net amount of the transaction should be the net deposit amount. The transactions in the JPM IRA can remain "as-is" because the JPM IRA is not pulled into tax reporting. If it bothers you that the WH amounts are shown in two accounts, you can delete the WH transactions in the JPM IRA and change the distribution to the gross amount.

  • Boatnmaniac
    Boatnmaniac Quicken Windows Subscription SuperUser, Windows Beta ✭✭✭✭✭
    edited June 14

    @Don32@ - There is a Product Idea thread that has been posted requesting Quicken to improve upon the process. You can view it at this link: Improve handling of IRA distributions, including QCDs and Roth conversions. It has been marked as a Planned improvement but we don't know when that will be done.

    Until it is implemented, the not-so-intuitive solution that will capture IRA distributions and withheld taxes correctly is to do as @CaliQkn suggested.

    In that Product Idea thread that I posted the link to above there are more detailed step-by-step instructions on how to do this. Take a look at my Feb 2023 posts in there. One provides such a step-by-step procedure. Another identifies what the Transfer Out Tax Schedule for the IRA account needs to be in order to properly capture the data in the Tax Planner (the default Tax Schedule captures the data correctly in the Tax Reports but not in the Tax Planner so it needs to be changed).

    There are others in that Product Idea thread who have posted procedures very similar to what I did. Select the one that is perhaps the easiest for you to follow. Let us know if you have any questions or run into any issues.

    Quicken Classic Premier (US) Subscription: R65.15 on Windows 11 Home

This discussion has been closed.

Categories