RMD Question

m Distribution or RMD.

tal Pension Gross Distribution. Then I do a split transaction with some mo ney going to my checking and the rest going to a category named Tax: Fed 10

ount as a Deposit with a split showing a transfer from the 403B account and taxable amounts for federal and state taxes. I started down this path unti l I realized that the fed and state taxes needed to be entered as negative values. At this point I thought this is getting too strange and backed out .

ot be done from a 403B account. I've memorized the 403B account transactio ns but can't see how to schedule them.

Input the transaction in your checking account as the NET amount to be depo sited. Split the transaction. On the 1st line input the GROSS RMD amount as a tra nsfer from your 403B. On the 2nd and subsequent lines, input the amount wit hheld as taxes using NEGATIVE numbers, using your tax categories.

The Gross amount, Minus the tax amounts will equal the Net transaction.

I'm convinced. Entering the RMD transactions in a taxable account is the best way to handle Required Minimum Distributions. Thanks for the good advice and taking the time to reply.

Yah. Ran into this a few years ago. Vanguard's statements show the Federal and other withholding in the IRA account and a transfer of the remainder into a taxable account. The taxable account statement shows the transfer from the IRA account. Doing it that way (so it matches the statements) results in Quicken swiftly losing track of the gross income of the and the tax paid to the Feds or whoever.

So, doing a deposit of the net income into the taxable account, with a positive gross income transfer from the IRA and a negative amount for the tax withholding makes Quicken happy; it sees the transfer from the IRA as gross taxable income and the Fed or whatever withholding as the appropriate tax entry, so the estimated taxes at least come up correctly.

KBeck