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Let's revisit the rollover to an IRA question!

OK - let's see. I searched the archives, and see some discussion about this that Han and I had about 7 years ago (!) with some others, but I don't think it was ever resolved fully. At the time, for me, it was academic; not now!

My wife ended her 'career' at a small company, and rolled over her qualified plan retirement account to her IRA. So far, so good.

But how to do this in Quicken such that:

1) Q doesn't think we owe taxes on any of the amount of a presumed 'sale' (although since both accounts are 'retirement', that shouldn't occur) if I used export to Turbotax or tax reports within Quicken

2) Q doesn't think that the additional $ being introduced into the IRA are part of a 'contribution' for a particular tax year.

I tried a SELLX, but Q wants me to tell it which year (2007 or 2008) it is supposed to be credited to in the IRA account. Answer - NEITHER! It's a rollover!

Apparently I *can* do a SHRS ADDED in the retirement account without being prompted for a tax year contribution value, but that doesn't debit the cash introduced from the SELLX.

Maybe a REMOVE SHARES from the original qualified plan retirement account and a SHRS ADDED in the IRA with appropriate memo entries - although this doesn't link the two transactions automatically.

Does Q understand what a 'rollover' is? I'm surprised that's not an option in the ACTIONS field. I wonder if it is possible to do this and satisfy both '1' and '2' above?

Most curious.

Reply to
Andrew
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Transfer shares (XfrShrs) should do what you want, I believe...

Reply to
vcardx

I believe that it's been discussed on the company supported forum (which I'm no longer participating in, due to their abhorent censorship policies) that there's a bug in the "cash transfer between retirement accounts" function.

The work-around is to transfer securities -- which works properly -- and sell the transferred position in the new account before purchasing whatever in the new account.

db

Reply to
danbrown

"Andrew" wrote in news:47f57f44$0$25027$ snipped-for-privacy@cv.net:

Sorry, those brain cells have atrophied. I don't remember the discussion you refer to, Andrew. And I am too lazy to go look for it. The mentioned transfer of shares seems to be the thing to do. Although not exactly a question of taxes, but more of Quicken, you could pose your question in misc.taxes.moderated. Since the group is moderated posting is not as fast as it is here, and it might take a few days for the answer to come up.

Reply to
Han

Yeah, I forgot about posting comments in the original thread as well! This is assuming that the poster is you - it was a "Han" with use of a last name starting with B?

But this really is a Quicken question 100%. From the 'official' tax side of things, there's absolutely no problem. It's more a recording problem in Q.

The problem I have is having Quicken incorrectly dealing with the rollover as some of additional contribution in a specific tax year when it isn't without having to go through shenanigans to 'make it work'. Such as entering TWO transactions since a SELLX doesn't seem to cut it. Again, I would think one of the drop down action items allowable in a so-called 'retirement account' ('ROLLX'??) should be simply to transfer the net value of shares from one account to the other without forcing one to pick a tax year to attribute the new funds introduction to.

Tomorrow (Sat) when I have some more time I will try the suggestions that our other friends provided earlier in the thread after my OP.

Reply to
Andrew

I agree with the others; transfer shares between accounts should get most of the job done with no adverse affects (it just does a remove-shares/add-shares ... but it keeps track of lots).

The one zinger might be if you have cash in the FROM account; Quicken is not yet smart enough to recognize that it is possible to transfer cash from one tax-advantaged account to another tax-advantaged account without making a "contribution" in the TO account.

You can work around that problem though. Before you initiate the "Shares transferred between accounts" transaction, create a dummy security with money market fund characteristics ($1/share), and use all the cash in the FROM account to buy shares in that dummy security. Then do the "Shares transferred between accounts" for all securities. After the dummy security has been transferred to the TO account, sell its shares to regain your "cash".

One other point seems worth mentioning. The suggestions to "transfer shares" assume you will hold the same securities in the new account as in the old ... which is not always the case. But the workaround for "cash" above will help there too.

If you won't, or can't, transfer your holdings to the new account, you'll need to sell the securities in the old account, transfer the "cash" to the new account, then purchase the new securities in the new account.

To avoid having the cash transferred into the new account treated as a "contribution", use the same procedure as above; after you have sold all your holdings in the old account, use the resulting cash to buy shares of the dummy security, then "transfer" the dummy security to the new account, sell all its shares in the new account, and purchase your new holdings.

Reply to
John Pollard

"Andrew" wrote in news:47f61502$0$5638$ snipped-for-privacy@cv.net:

That could indeed be me. Last name does start with B.

Reply to
Han

Thanks all 3 - yes, with John's suggestion of using an intermediate 'DUMMY' security (yes, the securities are certainly different in the old and new retirement accounts) and the TRANSFER SHARES idea (from VCARDX and DANBROWN) of DUMMY and a purchase in the new account once I sold DUMMY there does seem to do the trick, Q wise.

Again, appreciate it. I can sleep easy now that Q doesn't think I added to my year's allotment (!).

Reply to
Andrew

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