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Tax Related report may not display all needed information

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mhoggie

06 Dec, 2024 07:55 PM

I have a report that shows all my "Tax Related" transactions for the year using the Income and Expense Detailed report with the "Show only Tax related" option for all accounts. Unfortunately MD will not report any tax related transactions related to distributions from an IRA to checking despite setting the show transfers option. I assume this is because of the "all accounts" setting that would cancel out a transaction that has a debit in one account and a credit in another. If you change the account range to only include the IRA, then you miss any tax related activity on other accounts. If you change the account range to only include the checking account. then you miss IRA QCD distributions and other tax related activity on other accounts. So the Tax Related option for the report is a bust for me now that I'm taking IRA distributions. I created an additional report to pick up the missing information but I can't display all Tax Related activity in one report. I'm open to any suggestions. Thanks, Mike

1. 1 Posted by dtd on 06 Dec, 2024 08:15 PM

   

   I handle IRA distributions by creating two transactions per distribution.

   In the IRA account, I make the distribution into the category "IRAxxxx distribution"

   In the receiving account, I use the category "IRAxxxx received"

   Yes, I have to put the same amount in twice, but this basically breaks up the distribution from a net null account transfer into something I can track properly. And yes, at the end of the day (or year), the two categories will be Y and -Y or something is wrong. [I end up having about 6 of these pairs to also distinguish between different IRAs.

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2. 2 Posted by mhoggie on 06 Dec, 2024 08:34 PM

   

   Thanks for the response.

   I think I'm going to do the same. Instead of a single transfer IRA to checking. Just separate transactions in checking and the IRA. I've done similar for other transaction, but I was expecting the Tax Related report setting to overcome that issue since it is a Tag. I was wrong.

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3. 3 Posted by dwg on 06 Dec, 2024 10:03 PM

   

   The tax related setting just includes those categories that are marked as tax related, no Tag involvement.

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4. 4 Posted by dtd on 07 Dec, 2024 01:31 AM

   

   Doing the above (breaking apart net null account transfers) also helps me have things in Custom Balances like "2024 distribution from IRAxxxx. $$$$"

   That helps me do my taxes....

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5. 5 Posted by dwg on 07 Dec, 2024 01:45 AM

   

   It is pretty much the same sort of issue as when you want to budget for transfers, so the solutions are much the same.

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6. 6 Posted by mhoggie on 07 Dec, 2024 01:48 AM

   

   I was really hoping for the "Tax Related" setting to do my work. But I've settled on splitting the transaction to send the IRA distribution to a non-account category, then separately entering the IRA income in my checking to use a special Tax Related Income category . That works and my report is good now. Just one of those things you have to deal with sometimes with MD.

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7. 7 Posted by dwg on 07 Dec, 2024 01:51 AM

   

   I do the same with my allocated pension payments from a retirement account.

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