529 accounts and quicken

How does one enter a 529 account I set up for a grandchild in Quicken? It is for the benefit of the child but I am the owner and it is tax free. Do I just create another account or should I use a separate Quicken file? Thanks.

Reply to
Jeff
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Having a problem: I have 3 accounts American funds accounts, one for each of 3 grandchildren. On each account there was purchases of 3 of the available funds (that is 3 identical transactions for each account).

  1. I set up an initial account to see what happens. I saw that my Quicken Deluxe desktop 2011 gave me an option to define the account as a
529, so I selected that.
  1. Even though these are 3 accounts with 3 separate account numbers, in creating the account Quicken did not ask for the account numbers, just for my own SS# (not the children's)
  2. Then when it asked me to connect to American Funds for download, I did so.
  3. Here is the problem: Q downloaded the 9 transactions as if each of the 9 purchase transactions was it own separate account. Each new account it created was named "investment (and the number of the transaction)". So I have 9 accounts instead of the 3 accounts with 3 transactions each as in the statement I received.

Anyone know if there is a way to change this so it reflects 3 accounts with 3 investments each so I know how much each grandchild has as a balance?

Nowhere did Quicken ask me for an individual account number. Just for my own SS and password.

Suggestions?

Jeff

Reply to
Jeff

gk wrote

Having a problem: I have 3 accounts American funds accounts, one for each of 3 grandchildren. On each account there was purchases of 3 of the available funds (that is 3 identical transactions for each account).

  1. I set up an initial account to see what happens. I saw that my Quicken Deluxe desktop 2011 gave me an option to define the account as a
529, so I selected that.

  1. Even though these are 3 accounts with 3 separate account numbers, in creating the account Quicken did not ask for the account numbers, just for my own SS# (not the children's)

  2. Then when it asked me to connect to American Funds for download, I did so.

  1. Here is the problem: Q downloaded the 9 transactions as if each of the 9 purchase transactions was it own separate account. Each new account it created was named "investment (and the number of the transaction)". So I have 9 accounts instead of the 3 accounts with 3 transactions each as in the statement I received.

Anyone know if there is a way to change this so it reflects 3 accounts with 3 investments each so I know how much each grandchild has as a balance?

Nowhere did Quicken ask me for an individual account number. Just for my own SS and password.

---------------------------------------------

Quicken doesn't ask for, and doesn't need account numbers, when sending a request to the financial institution for setting up new Quicken accounts for downloading. You give Quicken your logon credentials, Quicken asks the financial institution to send data for all the accounts accessible with that set of logon credentials. The financial institution responds with all the info necessary to setup the account/accounts for downloading ... including the account numbers.

As I recall, American Funds is one of those financial institutions that sends data for each fund as a separate account ... Quicken has no options in that matter. Quicken uses what the fi sends.

[Some financial institutions - Vanguard is one - offer the user a choice of treating each fund as a separate account or treating all funds as one account (you must enable that option yourself, either at the Vanguard web site or over the phone). You can check with them, but my recollection is that American Funds does not have such an option.]
Reply to
John Pollard

Thank you John. That seems to be the problem. Will deal with it.

Jeff

Reply to
Jeff

----> Q downloaded the 9 transactions as if each of the 9 purchase transactions was it own separate account. Each new account it created was named "investment (and the number of the transaction)". So I have 9 accounts instead of the 3 accounts with 3 transactions each as in the statement I received

---->

As John mentioned, some institutions have all in one major account like Vanguard & Fidelity, as others like TRowe and yours - have them loaded into separate accounts. However - you should have just wound up with 3 accounts - vs 9 - Maybe since there was none - it asked to create the 1st account, and then there was no matchup after that for the 2nd & 3rd transactions to the same account ?

>
Reply to
ps56k

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