IRA Distribution
in [Quicken]
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From: PSJ on 15 Sep 2005 20:01 "JM" <zado_38(a)yahoo.com> wrote in message news:1126827027.456685.118980(a)g44g2000cwa.googlegroups.com... > To check yourself, run QW's Tax Schedule Report to see how the info > reports out. > Just tried that & there are no categories in cash transferred out nor cash transferred in transactions, the acc't detail tax schedule information is "Total IRA gross distribution" but $ transferred out do not show up in the tax schedule. I can easily add two cash out for the fed & state tax in the taxable acc't but that does not account for the withdrawal. How did you find a way to categorize the transfer? -- PSJ
From: PSJ on 15 Sep 2005 20:44 "PSJ" <psjcal(a)sbcglobal.net> wrote in message news:5XnWe.2233$Op3.243(a)newssvr25.news.prodigy.net... > "JM" <zado_38(a)yahoo.com> wrote in message > news:1126827027.456685.118980(a)g44g2000cwa.googlegroups.com... >> To check yourself, run QW's Tax Schedule Report to see how the info >> reports out. >> > > Just tried that & there are no categories in cash transferred out nor cash > transferred in transactions, the acc't detail tax schedule information is > "Total IRA gross distribution" but $ transferred out do not show up in the > tax schedule. I can easily add two cash out for the fed & state tax in the > taxable acc't but that does not account for the withdrawal. How did you > find a way to categorize the transfer? > -- > PSJ > As an addendum, I did do the 2 tax withdrawals from the taxable acc't & they showed up in the tax schedule report; it is just the distribution that is absent. I am certain this is because the taxable acc't is checked to show in the tax schedule while none of the deferred acc'ts are checked -- income in the latter is not a taxable event, just the distribution.
From: JM on 15 Sep 2005 20:48 The transaction is a transfer of funds from the IRA account to the taxable account. The category field contains the transfer designation [IRA account] ot [taxable account] depending on which end of the transaction you are looing at. Are you by chance looking at transactions downloaded from your FI? - these will not show the transfer designation. You need to enter the transfer transaction in the register before downloading. In the Tax Schedule Report, you should find the info for these transactions under the heading '1099-R' - toward the end of the report. The first sub-heading is 'Total taxable IRA distib' - the total taxable withdrawal. Followed by sub-headings for each withholding; 'IRA federal tax withheld' and 'IRA state tax withheld'
From: JM on 15 Sep 2005 21:41 What you see is correct - the IRA acct is not checked in the Tax Sched Rept. It is setting the 'Transfers Out' for the IRA acct that triggers reporting a taxable event. Looking at the IRA account transaction category field - do you see the designation for a transfer?, i.e., [Taxable Acct] where 'Taxable Acct' is the name of your taxable account?
From: PSJ on 15 Sep 2005 21:41
"JM" <zado_38(a)yahoo.com> wrote in message news:1126831684.341693.256290(a)f14g2000cwb.googlegroups.com... > The transaction is a transfer of funds from the IRA account to the > taxable account. The category field contains the transfer designation > [IRA account] ot [taxable account] depending on which end of the > transaction you are looing at. > > Are you by chance looking at transactions downloaded from your FI? - > these will not show the transfer designation. You need to enter the > transfer transaction in the register before downloading. > > In the Tax Schedule Report, you should find the info for these > transactions under the heading '1099-R' - toward the end of the report. > > The first sub-heading is 'Total taxable IRA distib' - the total taxable > withdrawal. > Followed by sub-headings for each withholding; 'IRA federal tax > withheld' and 'IRA state tax withheld' The acc't held $xx cash, I did a "cash transfer" from the IRA to the taxable acc't of the full am't (deleted the 3 separate neg. values that the fi downloaded). I could find no other suitable option to remove the cash from the acc't. I then went to the taxable acc't & did 2 withdrawals, 1 categorized to 1099R fed tax withholding & 1 state. The 2 tax withholding show at the bottom of the tax schedule report, the total distribution does not. -- PSJ |