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Subject Author Date
Transaction recording problem with Q6 R4 curmudgeon 09-11-2006
Posted by Jim Craig on September 13, 2006, 2:38 pm
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 I've been handling MRD distributions in a similar way for several years
without any problems. I set up an account called "Tax Fed WH IRA" for the
withheld tax. Then I make two transactions (could be one with a split, I
suppose) with the withheld amount going to the withholding account and the
remainder being an "XOut" transaction to the account where the cash goes. If
you have state tax withheld too you would need an account for that too.

Jim

>
> curmudgeon wrote:
>> Can anyone shed any light as to what is happening and what to do about
>> it??
>
> IF I'm understanding this right, the following should work.
>
> Go to your Savings account and create a deposit for $800 (this should
> be the actual amount deposited ... I'm making up an example). Split
> the deposit transaction. On the 1st line, enter the name of your m/f
> account and the amount of $1000 (the total value of m/f sold) and on
> the 2nd line (which will already show -$200) the name of your "Taxes
> Withheld" account. Record this transaction.
>
> Go to your m/f account and record the sale of m/f (total value $1000)
> which will offset the $1000 entry you created in the prior step.
> Record this transaction.
>
> db
>



Posted by curmudgeon on September 13, 2006, 1:05 pm
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 I've handled the MRD distribution from another account previously with
no problem. In recording the sale in the IRA account the only options
are to transfer the proceeds to one of several cash accounts. In
recording the sale the proceeds transfer correctly to the cash
account. It is only after editing the cash account to show a split
transaction does the original sell entry get automagically get changed
to reflect the large commission and erroneous investment amount. The
share balance remains correct.

Could this be a case of the same fund (symbol) being held in another
non-IRA account? I had a problem with that issue about a month ago and
saw it being discussed here.

Archie

On Wed, 13 Sep 2006 14:38:11 GMT, "Jim Craig"

>I've been handling MRD distributions in a similar way for several years
>without any problems. I set up an account called "Tax Fed WH IRA" for the
>withheld tax. Then I make two transactions (could be one with a split, I
>suppose) with the withheld amount going to the withholding account and the
>remainder being an "XOut" transaction to the account where the cash goes. If
>you have state tax withheld too you would need an account for that too.
>
>Jim
>
>>
>> curmudgeon wrote:
>>> Can anyone shed any light as to what is happening and what to do about
>>> it??
>>
>> IF I'm understanding this right, the following should work.
>>
>> Go to your Savings account and create a deposit for $800 (this should
>> be the actual amount deposited ... I'm making up an example). Split
>> the deposit transaction. On the 1st line, enter the name of your m/f
>> account and the amount of $1000 (the total value of m/f sold) and on
>> the 2nd line (which will already show -$200) the name of your "Taxes
>> Withheld" account. Record this transaction.
>>
>> Go to your m/f account and record the sale of m/f (total value $1000)
>> which will offset the $1000 entry you created in the prior step.
>> Record this transaction.
>>
>> db
>>
>

Posted by PSJ on September 13, 2006, 3:48 pm
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> I've been handling MRD distributions in a similar way for several years
> without any problems. I set up an account called "Tax Fed WH IRA" for the
> withheld tax. Then I make two transactions (could be one with a split, I
> suppose) with the withheld amount going to the withholding account and the
> remainder being an "XOut" transaction to the account where the cash goes.
> If you have state tax withheld too you would need an account for that too.
>
> Jim
>
Have not yet tried this w/07p, but with 06p I had to transfer MRD to a cash
acc't before transferring to a taxable investment acc't. Qkn would not
recognize it as a taxable event if the $'s were transferred directly to an
investment acc't even though $ out were appropriately categorized (1099R,
etc.). As the op was transferring to a savings acc't, this should not be an
issue.
--
PSJ



Posted by Jim Craig on September 13, 2006, 4:01 pm
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Correction - I set up a category, not an account.

Jim

> I've been handling MRD distributions in a similar way for several years
> without any problems. I set up an account called "Tax Fed WH IRA" for the
> withheld tax. Then I make two transactions (could be one with a split, I
> suppose) with the withheld amount going to the withholding account and the
> remainder being an "XOut" transaction to the account where the cash goes.
> If you have state tax withheld too you would need an account for that too.
>
> Jim
>
>>
>> curmudgeon wrote:
>>> Can anyone shed any light as to what is happening and what to do about
>>> it??
>>
>> IF I'm understanding this right, the following should work.
>>
>> Go to your Savings account and create a deposit for $800 (this should
>> be the actual amount deposited ... I'm making up an example). Split
>> the deposit transaction. On the 1st line, enter the name of your m/f
>> account and the amount of $1000 (the total value of m/f sold) and on
>> the 2nd line (which will already show -$200) the name of your "Taxes
>> Withheld" account. Record this transaction.
>>
>> Go to your m/f account and record the sale of m/f (total value $1000)
>> which will offset the $1000 entry you created in the prior step.
>> Record this transaction.
>>
>> db
>>
>
>



Posted by curmudgeon on September 13, 2006, 7:01 pm
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Dan,
If I proceed as you suggested by first entering the deposit then
recording the sale, when the sale of the m/f is recorded the proceeds
show up as an additional deposit in the savings account.

Archie


>
>curmudgeon wrote:
>> Can anyone shed any light as to what is happening and what to do about
>> it??
>
>IF I'm understanding this right, the following should work.
>
>Go to your Savings account and create a deposit for $800 (this should
>be the actual amount deposited ... I'm making up an example). Split
>the deposit transaction. On the 1st line, enter the name of your m/f
>account and the amount of $1000 (the total value of m/f sold) and on
>the 2nd line (which will already show -$200) the name of your "Taxes
>Withheld" account. Record this transaction.
>
>Go to your m/f account and record the sale of m/f (total value $1000)
>which will offset the $1000 entry you created in the prior step.
>Record this transaction.
>
>db

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