How do I set tax attributes for an account?


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.

  1. Choose Tools menu > Accounts List.
  2. Select the account you want to work with, and then click Edit.

  3. If this account contains tax-deferred funds, make sure that the Tax-Deferred Account option is selected.
  4. Click Tax Schedule Info.
  5. In the Transfers In list, verify or select the tax form line item to associate with funds that you transfer into the account.
  6. In the Transfers Out list, verify or select the tax form line item to associate with transfers out of the account.

Notes

Tax-deferred accounts include 401(k), 403(b), IRA, SEP-IRA, and Keogh plan. If you need to add or change tax attribute information for one of these retirement types, click a link to learn more: 

  • Traditional
    A tax-deferred investment and savings account that meets government regulations for individual retirement savings. Contributions can be deductible or nondeductible. Earnings can grow tax-deferred until withdrawal (usually retirement), at which time they are taxed as ordinary income:
    • 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, self for 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
    An investment and savings account that meets government regulations for individual retirement savings. Contributions are not deductible from current income taxes. Earnings can grow tax-deferred and with some exceptions are not taxed upon withdrawal:
    • 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
    A Coverdell Education Savings Account is a tax-advantaged investment account designed to encourage savings to cover future education expenses. Coverdell ESAs allow money to grow tax deferred and proceeds to be withdrawn tax free for qualified education expenses at a qualified institution. However, the definition of qualified expenses in an ESA includes primary and secondary school, not just college and university:
    • Leave the Transfers In field blank. 
    • In the Transfers Out field, select Form 1099-R: Total IRA Gross Distrib.
  • SEP-IRA
    A tax-deferred retirement plan provided by sole proprietors or small businesses. Contributions are made by the self-employed person. Contributions and earnings are tax-deferred until retirement:
    • 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
    A SIMPLE IRA (Savings Incentive Match Plan for Employees) is a tax-deferred retirement plan for businesses with fewer than 100 employees and the self-employed. Employees may defer a certain amount of their salary to go to their IRAs, and employers must contribute to all employees, though contribution amounts for employees not participating in the plan are lower. SIMPLE IRA (Savings Incentive Match Plan for Employees) have different early withdrawal penalties from traditional IRAs. Consult a tax professional or the IRS Web site for complete details:
    • 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
    An investment and savings account established solely for the purpose of paying higher education expenses. Contributions are not deductible from current income taxes. Earnings grow tax-deferred and distributions are tax-free if used to pay qualified educational expenses:
    • Leave the Transfers In field blank. 
    • In the Transfers Out field, select Form 1099-R: Total IRA Gross Distrib.
  • Keogh plan
    A tax-deferred retirement plan for self-employed workers or individuals who earn self-employment income. Contributions are made by the self-employed person. Contributions and earnings are tax-deferred until retirement:
    • 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.
  • Education IRA
    An investment and savings account established solely for the purpose of paying higher education expenses. Contributions are not deductible from current income taxes. Earnings grow tax-deferred and distributions are tax-free if used to pay qualified educational expenses:
    • Leave the Transfers In field blank. 
    • In the Transfers Out field, select Form 1099-R: Total IRA Gross Distrib.
  • Keogh plan
    A tax-deferred retirement plan for self-employed workers or individuals who earn self-employment income. Contributions are made by the self-employed person. Contributions and earnings are tax-deferred until retirement:
    • 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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