IRA Tax Withholding Categorization

Dom1
Dom1 Quicken Windows Subscription Member ✭✭✭
in Reports (Windows)

Why would an IRA's distribution tax withholding show under taxes under the appropriate categories (fed & state) but also show as uncategorized? Multiple distributions and total tax withholding and uncategorized are the same amount. Even if my process is flawed I would assume it would be one or the other. Any insight is most welcome.

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Answers

  • NotACPA
    NotACPA Quicken Windows Subscription SuperUser ✭✭✭✭✭

    What type of account are you showing the example from?
    How are the Withdrawals from your 401k set re: "Tax Schedule"?

    Because the usual method of recording these is to transfer the entire amount from the 401k (with the Tax Schedule set to "1099-R: Total Pension Gross Distribution") and the the taxes withheld (in the non-taxable account) shown as negative amounts … resulting in the Net deposit being shown in the register of the banking account.

    But, since you haven't shown what you're describing, it's a bit tough to diagnose. You haven't shown anything as being "Uncategorized".

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • Dom1
    Dom1 Quicken Windows Subscription Member ✭✭✭
    edited January 16

    Sorry for long winded response.

    Funds are coming from a MM within a Rollover 401K.

    I download the transaction from the IRA and accept in total (first image). I then copy a deposit transaction from our checking and adjust the amounts as necessary.

    Quicken then asks if this corresponds to a transaction on the IRA or something to the effect and I respond in the affirmative.

    I figure I'm not doing this correctly. However I can report total distributions and taxes withheld. It just that it also shows the taxes as uncategorized.

    From Rollover:

    image.png

    Our Checking

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