IRA Distribution

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:

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.

I ment to say that:

Tthe tax line assignments for the withholding categories are:

To check yourself, run QW's Tax Schedule Report to see how the info reports out.

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.

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?

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.

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'

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?

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.

Do you have the 'Transfers Out' set to '1099-R:Total IRA taxable distrib' for the IRA account?

You are correct in that the IRA account is not checked in the Tax Sched Rpt - It is setting the 'Transfers Out' for the IRA account that triggers reporting the distribution as a taxable event.

Looking at the transaction in the IRA acct - do you see a designation for a transfer in the category field, e.g., []

There is no category field just acc't to transfer cash to another acc't just the acc't name of the taxable acc't. As I said before, I transferred the gross am't then in the taxable acc't had 2 withdrawals; withdrawals have categories.

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

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.

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.

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".

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.

Is the this tax attribute assigned to "Transfers Out:"?

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.