RMD documentation in Q


W

wabbleknee

Apologize if this is a repeat, posted about 1 week ago, can't find it
now...but. RMD from my broker, they held 20% for tax purposes, sent me a
check (80%). Easy way, treat the 80% as a deposit in checking account and
forget about it. BUT, I want to enter it in Q to keep track of it. Create
a FEDTAx account, split the deposit with 20% here, 80% checking account.
Then when I pay taxes :-( transfer the tax holding to checking OR split the
tax payment from checking and FEDTAx account. If I am lucky?? total tax due
might be less than the 20% in the FEDTAx account, how would you reconcile
the difference. I know multiple ways this may turn out, but I want to do it
"right"!!
 
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A

Arthur Conan Doyle

wabbleknee said:
I know multiple ways this may turn out, but I want to do it
"right"!!
Why wouldn't you treat it just like a paycheck? The actual received amount goes
into your checking account. The gross amount gets deducted as a transfer from
your retirement account and the tax withheld goes into a tax category with the
tax line item set to 1099R - IRA Federal Tax Withheld. There's no transfer when
you do your taxes.
 

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