On a manual 401k, what is the transaction type I must use when I'm withdrawing funds?

nrp06
nrp06 Member ✭✭✭
edited January 15 in Managing Your Transactions

Hi Quicken team.

On my manual 401k, I know how to add a transaction using type Payment/Deposit to add money to the account.

However, I don't see a transaction called Withdraw.

How can I remove money from the account and reflect a balance reduction?

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Best Answer

  • RickS
    RickS Member ✭✭✭
    Answer ✓

    Investment transactions are tricky as they do not impact the account balance. For a withdrawal from a 401k, I suggest using Payment/Deposit as this is essentially a payment from the account. If the withdrawal was moved out of the manual account to another Simplifi account, you can select the receiving account in the Description/Category field. To adjust the investment account balance, you would need to use the Portfolio screen to adjust the underlying holdings. That's how I understand it anyway.

Comments

  • SRC54
    SRC54 Superuser ✭✭✭✭✭

    Did you get this figured out?

    If you want to track your taxable distributions for the Taxes report also, let us know.

    Steve
    Quicken Simplifi (Safari & iOS) Since 2021
    Quicken Classic (MacOS) Since 2009
    MS Money (1991-2009) and Dollars & Sense (1987-1991)

  • nrp06
    nrp06 Member ✭✭✭

    I just did what @RickS suggested - used the Portfolio Screen - and it worked.

    Thanks RickS.

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