IRA distribution


G

Guest

Does anyone out there who is using Quicken 2008 have an IRA distribution
transferred to another investment account? If so, are your distributions
displayed in the Tax Schedule report.? I already know about the date bug
which has been in Quicken for several years.
 
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J

John Pollard

nospam said:
Does anyone out there who is using Quicken 2008 have an IRA
distribution transferred to another investment account?
Yes, if doing it in a test file counts.
If so, are your distributions displayed in the Tax Schedule
report.?
Yes, if I have set the IRA account "Tax Attributes" to show that
transfers out are assigned to a Tax Schedule Line Item.

[Account "Overview" tab, "Options" on the "Account Attributes"
title bar.]
 
G

Guest

John Pollard said:
nospam said:
Does anyone out there who is using Quicken 2008 have an IRA
distribution transferred to another investment account?
Yes, if doing it in a test file counts.
If so, are your distributions displayed in the Tax Schedule report.?
Yes, if I have set the IRA account "Tax Attributes" to show that transfers
out are assigned to a Tax Schedule Line Item.

[Account "Overview" tab, "Options" on the "Account Attributes" title bar.]

--
John Pollard
First initial underscore Last name at mchsi dot com
Please reply to newsgroup
Thanks for answering, John. Did you set the Tax Schedule Line Item to one
of the 1099-IRA Distribution choices?
I did a little more research and found this result: If the transfer is from
one investment account (in my case a Mutual Fund) to another investment
account and the 1099-IRA tax item is chosen the distribution is not shown in
the Tax Schedule report. If the distribution is transferred to any other
type account (Spending, etc.) the distribution is shown. Also if the
transfer is from any type account other than investment it will show. Make
any sense? I'm using 2008 Deluxe if that makes any difference. I always
used investment to investment transactions in prior versions of Quicken.
Maybe I have some setting wrongly selected.
 
J

John Pollard

nospam said:
I did a little more research and found this result: If the
transfer
is from one investment account (in my case a Mutual Fund) to
another
investment account and the 1099-IRA tax item is chosen the
distribution is not shown in the Tax Schedule report. If the
distribution is transferred to any other type account
(Spending,
etc.) the distribution is shown. Also if the transfer is
from any
type account other than investment it will show. Make any
sense? I'm using 2008 Deluxe if that makes any difference. I
always used
investment to investment transactions in prior versions of
Quicken.
Maybe I have some setting wrongly selected.
Well I can not reproduce what I (thought I) saw when I made my
last post; I either need new glasses or a new brain.

I now don't see the same thing you don't see.

Sorry about that.

[Yes, I did set the Transfers Out Tax Attribute for the IRA
account to "1099-R: Total IRA gross distrib."]
 
J

JM

Yes, if doing it in a test file counts.
Yes, if I have set the IRA account "Tax Attributes" to show that transfers
out are assigned to a Tax Schedule Line Item.
[Account "Overview" tab, "Options" on the "Account Attributes" title bar..]
--
John Pollard
First initial underscore Last name at mchsi dot com
Please reply to newsgroup
Thanks for answering, John.  Did you set the Tax Schedule Line Item toone
of the 1099-IRA Distribution choices?
I did a little more research and found this result:  If the transfer is from
one investment account (in my case a Mutual Fund) to another investment
account and the 1099-IRA tax item is chosen the distribution is not shown in
the Tax Schedule report.  If the distribution is transferred to any other
type account (Spending, etc.) the distribution is shown.   Also if the
transfer is from any type account other than investment it will show.  Make
any sense?  I'm using 2008 Deluxe if that makes any difference.  I always
used investment to investment transactions in prior versions of Quicken.
Maybe I have some setting wrongly selected.- Hide quoted text -

- Show quoted text -
This bug has been around since about QW05 as best I can recall. There
have been several threads on it in this forum and in Intuit's forum. I
have filed bug reports two times and believe others have filed.

One work around discussed was to use an intermediate cash flow
account; transfer from the IRA to the cash flow account and from there
to the investment account. Bit cumbersome but does get the tax
reporting correct.
 
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G

Guest

Yes, if doing it in a test file counts.
Yes, if I have set the IRA account "Tax Attributes" to show that
transfers
out are assigned to a Tax Schedule Line Item.
[Account "Overview" tab, "Options" on the "Account Attributes" title
bar.]
--
John Pollard
First initial underscore Last name at mchsi dot com
Please reply to newsgroup
Thanks for answering, John. Did you set the Tax Schedule Line Item to
one
of the 1099-IRA Distribution choices?
I did a little more research and found this result: If the transfer is
from
one investment account (in my case a Mutual Fund) to another investment
account and the 1099-IRA tax item is chosen the distribution is not shown
in
the Tax Schedule report. If the distribution is transferred to any other
type account (Spending, etc.) the distribution is shown. Also if the
transfer is from any type account other than investment it will show. Make
any sense? I'm using 2008 Deluxe if that makes any difference. I always
used investment to investment transactions in prior versions of Quicken.
Maybe I have some setting wrongly selected.- Hide quoted text -

- Show quoted text -
This bug has been around since about QW05 as best I can recall. There
have been several threads on it in this forum and in Intuit's forum. I
have filed bug reports two times and believe others have filed.
One work around discussed was to use an intermediate cash flow
account; transfer from the IRA to the cash flow account and from there
to the investment account. Bit cumbersome but does get the tax
reporting correct.
Thanks JM. I had already figured out the cash flow solution before I
posted. I looked back through my Mutual Fund IRA transactions and found
that I had always used the investment to investment transaction up until the
2nd qtr of last year. At that time I had the distribution placed in a
checking account. I only noticed the difference when I had already
converted all my past files to 2008. I checked my 2007 file to verify the
dividend payment time of a certain stock and noticed that the 1st qtr.
distribution didn't appear on the report. I have a text copy of my 2006 Tax
Schedule report that shows all investment to investment transactions and the
IRA dists. are shown and I know my 2007 file was correct because TurboTax
2007 recognized the transactins, although I'm not sure how TurboTax does
that. I rarely post to this group, because I don't have many problems with
Quicken. I first discovered the date problem several years ago and that
bug has changed over time. Anyway, thanks for the response and I will just
work it out.
 
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