I was wondering on how to setup my 401K account that has just been rolled over to an IRA CD account. I plan at this time to withdraw the interest monthly for three years. Should I create just a saving account or an actually IRA account? TIA
If you moved the 401k assets into a rollover IRA, I believe you should set the account up in Quicken as an IRA. That way, transactions within the account (e.g., interest, dividends, sales, purchases, etc.) are not taxable. Distributions from the IRA are taxable in the year they are taken. Assign the appropriate tax form for transfers out when you set up the account. .............................. There is always one more imbecile than you counted on.
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