The Edit/Debug Configurations tab can be a little confusing when setting up rake tasks. I will assume you followed this approach:
Run > Edit Configurations
Select Rake from the List and select the + button (Add New Configuration)
You are greeted with a Configuration tab:
Name
The name attribute just assigns a unique name for this task. You can call it whatever you want.
Task Name
This one is important for rake tasks. This specifies the name of the rake task to be executed. So let's say you wanted to run "rake db:migrate" in debug mode, then for the task name here, you would put "db:migrate" without the quotes.
Turn on invoke/execute tracing, enable full backtrace (--trace)
This option is useful to turn on the standard rake --trace option.
Ruby Arguments
The other useful option is to specify the arguments to be passed to the Ruby interpreter.
Those are the main options. Now you can use Run > Debug and it will stop at breakpoints in the rake task itself.