Transer from Investing Account to Checking Account

Your are very close to how I handle this. Enter the transfer of $100 from the IRA to checking. Go to the transaction in the checking account. Modify this transaction to a split. Add a split line for the $10 tax withheld - a negative amount. Net of the split is a $90 deposit to checking.

Schedule the checking account transaction for your monthly draws - no more editing!

Bottom line -QW records the full taxable withdrawal of $100 from the IRA and records the $10 to the IRS. Further, the tax payment is recorded in a taxable account and will be picked up in QW's tax reports. If you were to record the taxes withheld in the IRA account transaction - it would be "shielded" by the tax-deferred status of the IRA - and would not show in the tax reports. You can verify this in the Tax Schedule Report.

Thanks very much. I just tried this and it didn't work properly.

I started with the $100 transfer, then I added the -$10 split line in the checking account. But it automatically also added an uncategorized $10 line to bring the total back to $100. What am I doing wrong?

Click on the "Adjust" button after you enter the added split - near the bottom of the split popup window,

Perfect! Thanks again.

I spoke slightly too soon--one more question for you. I just created the scheduled transaction, but I see no way to add a split to it. Can you tell me how?

Here's how to do it.

2)Go down to the Payment Information area and select the bank account to use and select "deposit" as the "method."

4)In the 1st line of the split select the IRA account the cash is coming from in the Category column and put $100 in the Amount column.

6)Click "OK"

This will automatically move $100 from the IRA account to checking, "pay" the feds $10, and show up as a net amount of $90 in the check register.

Tom Young

Thanks, that's essentially the same thing ZM told me.

Add the split *before* you schedule the transaction.

Regards,

Margaret

Thanks, but I'm confused here. Do you mean add the split to a manually entered transaction? Then when I schedule the transaction, the scheduler will pick up the split from an existing transaction?

How will the scheduler know to do that?

I think I just answered my own question. I just found that if you right-click a transaction, you can schedule it from there, and I suppose *that* is what you want me to do. I've always scheduled transactions manually before, never by right-clicking an existing transaction.

You can setup the split when creating a new transaction. In the scheduling window, where you can enter the "category" for the transaction, you can click on the "split" button.

For a schedule *Bill* transaction, yes. For a scheduled Transfer transaction, which is what we're talking about here, no.

You would not want to set this up as a "transfer" transaction. You can create scheduled transactions that also transfer without calling the scheduled transaction a "transfer transaction".

Why not?

OK, thanks. I'll play with this and report back on what the results are.

OK, I did it as an Income transaction, and it seems to work fine. Can you (or anyone) tell my why the Transfer transaction didn't work correctly?

Also, one more question. I've been adding a bunch of scheduled transactions over the past few days (scheduling transactions in Quicken is new to me). It seems that when I set up a transaction to be entered automatically, the entry doesn't get made. Does it not work, or if I'm doing something wrong, can you tell me what it might be?

Thanks again.

As you noticed, early in this thread, when Quicken sets up a scheduled "transfer", it only allows you to do a transfer ... no split capabilities are available ... capabilities which you need for your specific situation.

I assume you mean that once you have created the new auto-enter transaction, you don't see it immediately auto enter ... even if it is "due". That's just the way Quicken works, I can't tell you why (maybe to give you one last chance to change your mind); exit Quicken and restart and the transaction will be in your register.

OK, thanks again. It seems so odd that the kind of transaction that its name indicated I needed doesn't handle this situation. And my guess is that there are a fair number of Quicken users who need or want to do the same thing here that I'm doing.

OK, thanks.

Ah!!! I should have though of trying that myself. I keep my computer on 24/7 and I hardly ever restart Quicken or any of my other standard apps.

And thanks once again to you and all the others who have helped me with this issue. It seems to be taken care of now.

Ken