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RMD Withdrawal, Transfer & Fed Tax Transaction

I am using Q 2013. I have 3 Investment accounts. All 3 are kept as separate accounts in Q. All accounts are Mutual Fund accounts with Vanguard. Account A is an IRA account and is invested in a 'stock' fund. Accounts B & C are not Ira accounts. Account B if in a Money Market account. Account C is in a 'stock' fund.

I am at the age where I must make RMDs. I want to do this monthly.

How do I enter the transactions to accomplish the following in Q? From Account A sell $2000 worth of shares. Have $200 of this amount go to pay Fed Tax, Vanguard will do this. Transfer the remaining $1200 to Account B, the Money Market fund.

I have tried Q help but they have nothing on RMD withdrawals. I have tried a Q Chat session but I could not make myself understood. I would appreciate any help I can get here.

Thanks one and all.

Reply to
trvlnmny
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The way I do it is to enter a transaction in the IRA account that sells the shares and produces a cash balance in that account. Then I do a cash transfer out from the IRA to my checking account.

In my checking account, I change the resulting deposit to a split transaction which will then show the total minus the fed tax for a net deposit to checking. In my case, that's where I also show the state tax withholding.

The IRA holder actually does the withholding and transfers the net amount to my checking account.

$2000 (IRA) ---> checking

Split transaction in checking $2000 - $200 ---> $1800 deposit in checking.

Dick

Reply to
Dick Ballard

Dick, Thank you for your reply. I seem to have a problem with the Tax transaction. My Money Market account is an Investment account. I have entered the transactions from my IRA account to sell the shares and transfer the $2000 to my Money Market. In my Money Market account I do not see any way to split the transaction or to enter a sale that shows the transfer to Fed Tax. Thanks

Reply to
trvlnmny

transfer the $2000 to my Money Market.

enter a sale that shows the transfer to Fed Tax.

If either account is not set up as a single mutual fund account, you can specify a Sell[X] transaction with the proceeds going to the cash balance of that account. From there you can enter transactions to pay the tax and buy the other fund.

Otherwise you will have to use a separate cash account.

John B.

Reply to
John Beurket

My RMD withdrawal consists of the following: Withdraw the required amount from my IRA account, pay 10% of that amount as Federal Tax and transfer the balance to my Money Market account. With your help and some effort on my own I have done the following which seems to have worked and has my Quicken data in sync with my Vanguard data.

1 From the IRA account enter a SoldX transaction and transfer the cash amount to my MM account. 2 In my MM account I will now have an XIn transaction showing the cash from the IRA account. 3 In the MM account I entered a Bought transaction for the cash amount less the Fed Tax amount of 10% 4 In the MM account I entered a MiscExp transaction for the Ted Tax amount.

Thanks to all for the help.

Reply to
trvlnmny

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