IRA Distribution
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From: PSJ on 15 Sep 2005 17:41 Using q06p Took a required IRA distribution; the brokerage broke it into 3 withdrawals: 1. the am't that went to me (it was transferred to a taxable acc't but there is no way to show this in downloaded form just the neg in the ira & a matching cash deposit in the other acc't) 2. fed withholding 3. state withholding All were categorized as IRA withdrawals. In my tt world that doesn't work. Would appreciate any thoughts on how to show this & which tax line item to use for the net distribution. I find 401k categories but not IRA. Appreciate any ideas. -- PSJ
From: JM on 15 Sep 2005 19:10 PSJ wrote: > Using q06p > > Took a required IRA distribution; the brokerage broke it into 3 withdrawals: > 1. the am't that went to me (it was transferred to a taxable acc't but there > is no way to show this in downloaded form just the neg in the ira & a > matching cash deposit in the other acc't) > 2. fed withholding > 3. state withholding > > All were categorized as IRA withdrawals. In my tt world that doesn't work. > Would appreciate any thoughts on how to show this & which tax line item to > use for the net distribution. I find 401k categories but not IRA. Appreciate > any ideas. > -- > PSJ In your IRA account you need to set 'Transfers Out: 1099-R:Total IRA taxable distrb.' IRA Account Summary View > Edit Account Details > Tax Schedule Info The setting for 'Transfers Out' effectively categorizes the total wuthdrawal [1+2+3 in your case] as taxable income. The with-holding categories are: 1099-R:IRA federal tax withheld and 1099-R:IRA state tax withheld. To make this work properly in QW I would transfer the total withdrawal [1+2+3] to the taxable account. In the receiving [taxable] account, open the transaction in edit mode; add splits for the two withholding items [negative amounts] which subtract from the 'deposit' leaving you with the net. You do not categorize the net - it is simply the result of the total withdrawal minus the withho;ding entries. You must include the withholding amounts in the 'Transfered Out' value in order for QW to properly report taxable income. If you enter the withholding as a Misc Expense from the IRA account, QW will not will not include these in the total withdrawal figures. Finaaly, memorize and schedule this transaction with the splits. I have outlined how I handle mine and my QW data agrees with the year-end 1099-R provided by the FI.
From: JM on 15 Sep 2005 19:15 I ment to say that: Tthe tax line assignments for the withholding categories are: 1099-R.... etc.
From: PSJ on 15 Sep 2005 19:31 "JM" <zado_38(a)yahoo.com> wrote in message news:1126825840.845405.71920(a)f14g2000cwb.googlegroups.com... > > PSJ wrote: >> Using q06p >> >> Took a required IRA distribution; the brokerage broke it into 3 >> withdrawals: >> 1. the am't that went to me (it was transferred to a taxable acc't but >> there >> is no way to show this in downloaded form just the neg in the ira & a >> matching cash deposit in the other acc't) >> 2. fed withholding >> 3. state withholding >> >> All were categorized as IRA withdrawals. In my tt world that doesn't >> work. >> Would appreciate any thoughts on how to show this & which tax line item >> to >> use for the net distribution. I find 401k categories but not IRA. >> Appreciate >> any ideas. >> -- >> PSJ > > > > In your IRA account you need to set 'Transfers Out: 1099-R:Total IRA > taxable distrb.' > IRA Account Summary View > Edit Account Details > Tax Schedule Info > > The setting for 'Transfers Out' effectively categorizes the total > wuthdrawal [1+2+3 in your case] as taxable income. > > The with-holding categories are: > 1099-R:IRA federal tax withheld and > 1099-R:IRA state tax withheld. > > To make this work properly in QW I would transfer the total withdrawal > [1+2+3] to the taxable account. In the receiving [taxable] account, > open the transaction in edit mode; add splits for the two withholding > items [negative amounts] which subtract from the 'deposit' leaving you > with the net. > You do not categorize the net - it is simply the result of the total > withdrawal minus the withho;ding entries. > > You must include the withholding amounts in the 'Transfered Out' value > in order for QW to properly report taxable income. If you enter the > withholding as a Misc Expense from the IRA account, QW will not will > not include these in the total withdrawal figures. > > Finaaly, memorize and schedule this transaction with the splits. > > I have outlined how I handle mine and my QW data agrees with the > year-end 1099-R provided by the FI. > Great, thanks -- I had thought that might be the best way -- delete the 3 downloads & create 1 am't to transfer, hated to start fooling around & make a mess. -- PSJ
From: JM on 15 Sep 2005 19:30 To check yourself, run QW's Tax Schedule Report to see how the info reports out.
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