Is this account tax deferred? Is the money you withdraw for your retirement or for some other tax-related purpose? Let Quicken track the tax implications for you.
- Choose Tools menu > Accounts List.
- Select the account you want to work with, and then click Edit.Quicken opens the Account Details dialog.
- If this account contains tax-deferred funds, make sure that the Tax-Deferred Account option is selected.
- Click Tax Schedule Info.
- In the Transfers In list, verify or select the tax form line item to associate with funds that you transfer into the account.
- In the Transfers Out list, verify or select the tax form line item to associate with transfers out of the account.
Tax-deferred accounts include 401(k), 403(b), IRA, SEP-IRA, and Keogh plan. See below to add or change tax attribute information for one of these retirement types.
Traditional IRA
- Leave the Transfers In field blank unless you know your contribution is tax deductible. If you know your contribution is tax deductible, select Form 1040: IRA Contributions, selffor your own account. For your spouse's account, select Form 1040: IRA Contributions, spouse or Form 1040: IRA Contrib., non-work spouse.
- In the Transfers Out field, select Form 1099-R: Total IRA Gross Distrib.
Roth IRA
- Leave the Transfers In field blank.
- In the Transfers Out field, select Form 1099-R: Total IRA Gross Distrib.
You can use the Roth IRA account type to track a 529 plan, but Quicken will not track tax implications.
Coverdell ESA
- Leave the Transfers In field blank.
- In the Transfers Out field, select Form 1099-R: Total IRA Gross Distrib.
SEP-IRA
- In the Transfers In field, select Form 1040: SEP deduction, self for your account, and select Form 1040: SEP deduction, spouse for your spouse's account.
- In the Transfers Out field, select Form 1099-R: Total IRA Gross Distrib.
SIMPLE IRA
- In the Transfers In field, select Form 1040: SIMPLE contribution, self for your account, and select Form 1040: SIMPLE contribution, spouse for your spouse's account.
- In the Transfers Out field, select Form 1099-R: Total IRA Gross Distrib.
Education IRA
- Leave the Transfers In field blank.
- In the Transfers Out field, select Form 1099-R: Total IRA Gross Distrib.
Keogh plan
- In the Transfers In field, select Form 1040: Keogh deduction, self for your account, and select Form 1040: Keogh deduction, spouse for your spouse's account.
- In the Transfers Out field, select Form 1099-R: Total IRA Gross Distrib.
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