IRA Distribution
in [Quicken]
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From: JM on 16 Sep 2005 09:08 We'll get it! Open your IRA account to 'Summary' view. Scroll down to find/select the 'Edit Account Details' button - under the 'Account Attributes' In the 'Account Details' window - select the 'Tax Schedule Info' button. You are now looking at the 'Tax Schedule Information' window. The first selection is a check box which will be checked to show that this account is a 'Tax-Deferred of Tax-Exempt Account' The next choice is 'Transfers In:' - the entry box should be left blank. The final choice is 'Transfers Out:' - open the drop-down menu and scroll down the choices. The choices are a long list of items resembling the tax line assignments for categories. Scroll down to find/select '1099-R:Total IRA taxable distrib' Click 'OK' and your done. You should now find that 'Transfers Out' from your IRA account are reported in the Tax Schedule Report - under the header '1099-R'., sub-header 'Total IRA taxable distrib.' As added background info - you will receive a year-end Form 1099-R from your IRA custodian reporting the taxable withdrawals and withholding activity for your account. Let me know how it goes.
From: John Pollard on 16 Sep 2005 09:13 PSJ wrote: > "JM" <zado_38(a)yahoo.com> wrote in message > news:1126838245.076341.320240(a)z14g2000cwz.googlegroups.com... >> PSJ >> >> We got our thread a bit tangled - so let's pick it up from >> here. >> >> First, my appologies - the IRA account transfer transaction >> does not >> have a 'Category' field - it does have the 'Account' box in >> which you >> select the account to transfer-to which is your taxable >> account. >> >> I think were ok to this point. >> >> My last question was: >> In the IRA account - Do you have the 'Transfers Out' set to >> 1099-R:Total IRA taxable distribution'? >> > > There is no transfer called 1099-R ... The only option that I > see > available is "Cash transferred out of acc't" Using this I can > only > name the acc't to which it was transferred, the amount, > description & > memo; none of these has anything to do with taxes -- except it > is a > withdrawal from an IRA. There are numerous types of > transactions but > none that have anything to do w/this issue. As the tax line > item is > correct for $ out of the acc't, I thought it would show in the > tax > schedule report but there is no 1099-R income from the IRA > acc't. I > can manually add it to the tax planner, but would like to see > it in > the tax schedule report. Thanks for bearing w/me on this. Open the IRA account to the Summary tab. On Account Attributes title bar, click Options. Select "Set Tax Attributes". Assign the correct tax schedule line to "Transfers Out". -- John Pollard First initial underscore Last name at mchsi dot com Please reply to newsgroup
From: PSJ on 16 Sep 2005 10:41 "John Pollard" <invalid(a)invalid.com> wrote in message news:MxzWe.332447$x96.200729(a)attbi_s72... > PSJ wrote: >> "JM" <zado_38(a)yahoo.com> wrote in message >> news:1126838245.076341.320240(a)z14g2000cwz.googlegroups.com... >>> PSJ >>> >>> We got our thread a bit tangled - so let's pick it up from here. >>> >>> First, my appologies - the IRA account transfer transaction does not >>> have a 'Category' field - it does have the 'Account' box in which you >>> select the account to transfer-to which is your taxable account. >>> >>> I think were ok to this point. >>> >>> My last question was: >>> In the IRA account - Do you have the 'Transfers Out' set to >>> 1099-R:Total IRA taxable distribution'? >>> >> >> There is no transfer called 1099-R ... The only option that I see >> available is "Cash transferred out of acc't" Using this I can only >> name the acc't to which it was transferred, the amount, description & >> memo; none of these has anything to do with taxes -- except it is a >> withdrawal from an IRA. There are numerous types of transactions but >> none that have anything to do w/this issue. As the tax line item is >> correct for $ out of the acc't, I thought it would show in the tax >> schedule report but there is no 1099-R income from the IRA acc't. I >> can manually add it to the tax planner, but would like to see it in >> the tax schedule report. Thanks for bearing w/me on this. > > Open the IRA account to the Summary tab. On Account Attributes title bar, > click Options. Select "Set Tax Attributes". Assign the correct tax > schedule line to "Transfers Out". > > -- > John Pollard > First initial underscore Last name at mchsi dot com > Please reply to newsgroup Tax attributes in this tax deferred acc't are set for "1099-R Total IRA gross distrib" It does not show in the tax schedule report.
From: JM on 16 Sep 2005 10:48 Is the this tax attribute assigned to "Transfers Out:"?
From: PSJ on 16 Sep 2005 10:49
"John Pollard" <invalid(a)invalid.com> wrote in message news:MxzWe.332447$x96.200729(a)attbi_s72... > PSJ wrote: >> "JM" <zado_38(a)yahoo.com> wrote in message >> news:1126838245.076341.320240(a)z14g2000cwz.googlegroups.com... >>> PSJ >>> >>> We got our thread a bit tangled - so let's pick it up from here. >>> >>> First, my appologies - the IRA account transfer transaction does not >>> have a 'Category' field - it does have the 'Account' box in which you >>> select the account to transfer-to which is your taxable account. >>> >>> I think were ok to this point. >>> >>> My last question was: >>> In the IRA account - Do you have the 'Transfers Out' set to >>> 1099-R:Total IRA taxable distribution'? >>> >> >> There is no transfer called 1099-R ... The only option that I see >> available is "Cash transferred out of acc't" Using this I can only >> name the acc't to which it was transferred, the amount, description & >> memo; none of these has anything to do with taxes -- except it is a >> withdrawal from an IRA. There are numerous types of transactions but >> none that have anything to do w/this issue. As the tax line item is >> correct for $ out of the acc't, I thought it would show in the tax >> schedule report but there is no 1099-R income from the IRA acc't. I >> can manually add it to the tax planner, but would like to see it in >> the tax schedule report. Thanks for bearing w/me on this. > > Open the IRA account to the Summary tab. On Account Attributes title bar, > click Options. Select "Set Tax Attributes". Assign the correct tax > schedule line to "Transfers Out". > > -- > John Pollard > First initial underscore Last name at mchsi dot com > Please reply to newsgroup > BTW, though gross distribution is accurate according to fi, I did try changing it to the 1099-R Total taxable distribution in case that was the problem, still no joy, no entry in tax schedule report. |