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Subject Author Date
Withdrawal from IRA Investment Account Ken Blake 05-13-2008
Posted by Ken Blake on May 13, 2008, 11:11 am
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 Using Quicken 2008, what's the best way to report a cash withdrawal
(either mailed to me by check or done by electronic funds transfer to
my checking account) that includes a 10% withholding for federal
income tax.

Thanks for any help.

--
Ken Blake
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Posted by JM on May 13, 2008, 6:35 pm
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 wrote:
> Using Quicken 2008, what's the best way to report a cash withdrawal
> (either mailed to me by check or done by electronic funds transfer to
> my checking account) that includes a 10% withholding for federal
> income tax.
>
> Thanks for any help.
>
> --
> Ken Blake
> Please Reply to the Newsgroup

Say you take a distribution of $1000 with $100 withheld for a net of
$900

Open to a split transaction in your checking account register.
The first split entry is a transfer of the total amount of the
distribution from the IRA - $1000
The second split entry is a deduction of the withholding - $100
[negative]
This leaves the correct net deposit to checking - $900

The transfers out tax attribute for the IRA account should be set to:
1099-R:Total IRA taxable dist.
The category for the withholding is assigned tax line item: 1099-R:IRA
federal tax withheld

You can check for proper results by running QW's Tax Schedule Report -
look for the header "1099-R"

Posted by Ken Blake on May 13, 2008, 9:05 pm
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wrote:

> wrote:
> > Using Quicken 2008, what's the best way to report a cash withdrawal
> > (either mailed to me by check or done by electronic funds transfer to
> > my checking account) that includes a 10% withholding for federal
> > income tax.
> >
> > Thanks for any help.
> >
> > --
> > Ken Blake
> > Please Reply to the Newsgroup
>
> Say you take a distribution of $1000 with $100 withheld for a net of
> $900
>
> Open to a split transaction in your checking account register.
> The first split entry is a transfer of the total amount of the
> distribution from the IRA - $1000
> The second split entry is a deduction of the withholding - $100
> [negative]
> This leaves the correct net deposit to checking - $900


Thanks. That's essentially what I had done. I thought there might be a
more automatic way of doing it, but I guess not.

--
Ken Blake
Please Reply to the Newsgroup

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