IRA Distributions as Spendable Income?

Diver4242

If retired, often one would have monthly distributions from their retirement IRA to their checking account. That's a transfer, of course, but it would be good to see it included in the spending plan as spendable income, kind of a co-classification. Has anyone found a way to do that? We want to be able to account for it as spendable income in our monthly budget.

Coach Natalie

@Diver4242, thanks for posting your inquiry to the Community!

To clarify, is the investment account that receives the dividend payments currently being tracked in Quicken Simplifi? If so, have you taken a look at Investment Transactions?

https://help.simplifimoney.com/en/articles/6540220-managing-investment-transactions

Since it looks like "Income Dividend" type Investment Transactions can't be included in Reports or the Spending Plan at this time, you can use the 'Payment/Deposit' type and then create an Income Category to use for these transactions. This should allow them to show up as income in the Spending Plan.

Otherwise, I'd suggest adding your vote and feedback here for the ability to include all Investment Transactions in Reports and the Spending Plan so you can track these properly with the correct investing type/action:

https://community.simplifimoney.com/discussion/5312/ability-to-include-any-all-investment-transaction-in-reports-and-the-spending-plan-edited

We also have a feedback post for Investment Transactions that may hold some additional insight/suggestions for you:

https://community.simplifimoney.com/discussion/3788/introducing-investment-transactions-share-your-feedback-here

Please let us know what ends up working for you!

-Coach Natalie

UrsulaA

Hi - You can mark the incoming side of the transfer for inclusion in the spending plan by following the steps below. The steps are similar for a recurring transfer.

More info here

Including Transfers in the Spending Plan

You can also elect to include Recurring Transfers and Transfer Transactions in the Spending Plan! When it comes to Linked Transfers where you see both sides in Quicken Simplifi (the money going out of one account and into another account), you can also easily include just one side in the Spending Plan, giving you all the flexibility you may need when it comes to your Transfers!

Include a Transfer Transaction in the Spending Plan

1. Hover over the panel on the left-hand side and select Transactions.
2. Locate the Transfer Transaction you'd like to include in the Spending Plan, hover over it, and then click the three dots at the end of it.
3. Click Exclude from Spending Plan so there is no longer a checkmark next to it.

UrsulaA

Thanks @Coach Natalie - for the transfer to be included as income both the receiving bank account and the source (IRA possibly investment accounts) need to be in Simplifi. I have transfers involving a checking and an investment account marked as recurring in Simplifi. Both sides show up in the spending plan under Transfers and Credit Card Payments and I can include them as income or expense if I choose to do so.

Great workaround on including income and dividends as income on the spending plan if someone wishes to do so.