Automatic IRA withdrawals

h stansfield
h stansfield Quicken Windows Subscription Member ✭✭
edited October 22 in Paying Bills, Online Billers & Reminders (Windows)

I have moved into the withdrawal phase of IRA accounts. I've set up income reminders for the transfers from my IRA to my bank account, but is there a way to set up an automated quicken investment sale in the IRA account?

Comments

  • Tom Young
    Tom Young Quicken Windows Subscription SuperUser ✭✭✭✭✭

    No, I don't believe there's any way of doing that. Reminders are entirely focused on income and expense events, and transfers, that involve cash flowing in and out of Accounts.

    If the sales involve securities with changing prices, like stocks, it would be difficult to make that work with with any real precision.

    If the sales are set up with the Financial Institution holding the IRA and executing the sale as recurring events on a certain day, e.g., "2nd Wednesday of the month," and involve a constant amount like $1,000, I suppose you could set up an income Reminder for that Investment Account on that day, but you'd have to change that transaction into a Sold Action after you know the composition - # of shares and per share price - each month.

  • Jim_Harman
    Jim_Harman Quicken Windows Subscription SuperUser ✭✭✭✭✭
    edited September 22

    Actually there is a way to set up a Reminder for an investment sale. It involves setting up a Memorized Investment Transaction and a Scheduled Transaction Group that uses the memorized transaction. As @Tom Young notes, if the price of the security changes, you would have to edit the transaction after accepting the Reminder to reflect the correct sale price and proceeds. I tried this a few years ago and gave up because it was cumbersome and seemed buggy.

    What I have done instead is to set up a Reminder for the monthly RMD transfers to a taxable account, including tax withholding, and then arrange separately to have enough cash in the IRA to cover the transfers. In my case the cash in the IRA is held in a money market fund and the transfer triggers an automatic sale of the money market fund. In Quicken, I simply accept the Reminder for the cash transfer and record the sale of the MMF when it downloads.

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