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.
   Quicken opens the Account Details dialog.

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.

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.