IRA Distributions showing a "category" and a "tag" of "--Split--" in Tax Schedule

elorimer
elorimer Quicken Windows Subscription Member ✭✭
in Reports (Windows)

When I run a Tax Schedule report, transactions (which are not split) that are reported as taxable IRA distributions appear with "—Split—" in both the category and tag columns. This is true whether distributions out of the IRAs are assigned a tax line category of "gross distribuitons" or "taxable distributions", and whether the particular trnasactions are entered as "Withdrawals" or "Cash Distributons Out". Both are reported correctly in the tax report, just with these extraneous entries.

I think this has just started.

The only reason it is a pain is because I process the tax schedule report with Power Query with m code, and now I have to redo a bunch of them.

Comments

  • Jim_Harman
    Jim_Harman Quicken Windows Subscription SuperUser ✭✭✭✭✭

    I do not have this problem.

    How are your distributions recorded in Quicken? - Normally a taxable IRA distribution should be recorded as a Deposit in a taxable account, not as a transfer or withdrawal in the IRA.

    Where do you see the selection "Cash distributions out?" or is it really "Cash transferred out of account?"

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  • elorimer
    elorimer Quicken Windows Subscription Member ✭✭

    Thanks, helpful.

    1. If in the IRA I enter a transaction as "Cash transferred out of account" (you are right), it appears as "WithdrwX" in the IRA, and "Xin" in the destination accocunt. "—Split—" shows in the Tax Schedule in the Category field. If I enter the transaction as "Cash Transactions—Withdraw" the same result, except that the transaction is now "Withdrw" in the IRA
    2. If I then go to the destination account and change "Xin" to "Deposit", the IRA remains unchanged, but the Tax Schedule now shows the IRA account in the Category field.
    3. Either way, the tax line item is Total Taxable IRA Distributions, which is assigned in the IRA as cash transferred out of the IRA. But it appears in the Tax Schedule report under the destination account, not the IRA. I can't assign the line item to the destination account, because transfers in and out happen all the time.

    So it seems that of the four ways to code the transaction, one works without this issue, and the other three present the issue. I haven't tried the combinations when entering the transaction from the destination account side.

  • markus1957
    markus1957 Quicken Windows Subscription SuperUser, Windows Beta Beta

    I would also check your Memorized Payee List to verify that a split did not get inadvertently entered for the types of transactions you are having issues with.

  • elorimer
    elorimer Quicken Windows Subscription Member ✭✭
    https://community.quicken.com/discussion/comment/20527736#Comment_20527736

    My initial reaction was that this was stupid, because the register didn't on either side show a split. To my surprise though, there was a split in the Memorized Payee list for one of the three accounts that was showing this problem. So this might very well be one source of the problem. Thanks! I deleted it.

    Still, though, I can reproduce the behavior. With no split in the transaction, with cash transfers into the destination account not matched with a line item, when I change what is recorded in the destination account between "Cash Transferred into Account" and "Cash Transactions—Deposit", the Tax schedule flips between showing in the category field "—Split—" and the source account.

  • Jim_Harman
    Jim_Harman Quicken Windows Subscription SuperUser ✭✭✭✭✭

    1. If I then go to the destination account and change "Xin" to "Deposit", the IRA remains unchanged, but the Tax Schedule now shows the IRA account in the Category field.

    I would advise against editing the receiving side of a transfer to make it a different type of transaction. In my experience that leads to broken transfers, i.e. the money disappears from the sending side but does not appear on the receiving side.

    As I said above, the most reliable way to enter taxable IRA distributions is to record a Deposit in the taxable account.

    Also I have had trouble with investing account transactions where the Payee is in the Memorized Payee list. See this discussion.

    https://community.quicken.com/discussion/comment/20481015#Comment_20481015
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