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Investment account cash balance

I distributed $30K from an IRA. Vanguard withheld $6K for Federal tax and $1500 for State tax. All of the CASH transactions in Quicken insist on having an account, but that is inappropriate for me because I won't be paying the tax -- Vanguard does it for me. I can put the taxes in as a MiscExp with a category of Tax:StWH and Tax:FedWH. The remaining $22.4K got transferred to a different account, so there was no problem in spelling out the transactions.

This leaves Quicken showing a -$30K balance in the original IRA account which sold the shares. But that's not right. There is no money in the account. It has all been sent to the state and fed or used to buy different shares. How do I make that right?

Reply to
Stubby
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Stubby wrote in news:2b8e1d81-93c6-47a6- snipped-for-privacy@y23g2000yqd.googlegroups.com:

I am doing someting similar I believe, but it is monthly from a TIAA Supplementary Retirement Account.

In Quicken I do a transfer from the SRA account with $x going to my checking account, $y to a category for Fed taxes and $z to the category for state taxes. I fill in the numbers from the statement.

Reply to
Han

Stubby, Vanguard is processing the various transactions on your behalf, but you are most assuredly "paying" the required Fed and State withholding. You will need to reflect that withholding on your Fed and State final returns. I think Hans gave good advice, or I don't understand you question. Do you use Quicken for tax reporting, or for transfer to Tax s/w like TurboTax?

Reply to
JMc

"JMc" wrote in news:if50kj$551$ snipped-for-privacy@news.eternal-september.org:

In my case it is a pension-type distribution, so I treated it the same as I did my wage paycheck, which I constructed long before Q had a paycheck feature..

Reply to
Han

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