IRA Income and Reports

Dec 15, 2023 0 Replies

Just a caution about taking IRA, but NOT ROTH IRA, income and having valid reports.



My file includes a checking account and separate IRA investments using TR Price and others. I required cash and decided to use the IRA as the source. For tax purposes an IRA withdrawal is taxable but since I held both in the same Quicken file it was treated as a transfer and was NOT included in reports as income.



To have it included as income I sold shares from the TR Price IRA account and transferred the cash into a TR Price Transfer account and then withdrew from there and deposited into checking as a category "Income, IRA". All reports must be customized to NOT include TR Price Transfer account and then the IRA income is included properly.


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