Hi,
Here is a puzzler for UK Quicken users.
I sold some Scottish Powetr shares and bought them back, but inside an ISA. Consequently those shares are tax free. I have since received some more shares outside of the ISA which are not. Yet Quicken only seems to make the share tax free, not the account and the shares that it holds.
Consequently does anyone know how to handle this.?
TIA Please remove obvious from email address if emailing.
Your use of the term "share" is confusing. Here in the US, a share is a unit of a security that you can own. Share and security are not interchangeable terms.
I don't know whether Q2004 UK works like the US version or not. In the US version, a tax-free security is a security whose interest/dividends are not taxable (such as a municipal bond) ... regardless of what account type it is held in. This characteristic is set via the Security List.
Quicken accounts may be tax-deferred if you choose an appropriate account type when you setup the account (in the US, they would be IRA accounts, 401k accounts, etc.). If you have chosen the correct account type when creating the account, Quicken takes care of treating the transactions as tax deferred (or non-taxable). Generally, it is not a good idea to hold tax-free securities in a tax-deferred account.
It is not clear from your post just what you think Quicken is doing incorrectly.
John,
I will try an explain a bit better. Where I say share you term as Security.
The account that I hold them in is defined as tax free, but now I have sold 810 shares in a security and bought back 720 in that same security, but inside my tax free account. However Quicken treats the security as either tax free or not, but not both.
Also I not that in this account it keeps a running share balance, but adds the number of shares for one security to those of another security.
EG. Share Bal Security A 1000 1000 Security A 1000 2000 Security B 1000 3000
Where is the sense in that?
I am will be calling Quicken tomorrow even at their inflated telephone charges to try and get to the bottom of this and the other problem I have posted.
Please remove obvious from email address if emailing.
Just been into Q98,a nd it seems that as I bought the security for a tax free account, it has automatically made the security tax free. However in the holdings for my other account, the security should not be tax free.
Any UK users have any ideas?
TIA
Please remove obvious from email address if emailing.
What are you looking at that causes you to believe that Quicken is not correct? There are quite a few instances of uses believing that "income" type transactions in Quicken retirement accounts should be categorized as something like "_DivIncTaxFree" or whatever equivalent you may have. But since Quicken already knows that all transactions within (as opposed to "withdrawals") are non-taxable, Quicken does not categorize retirement account transactions to a "tax free" category; in the US, this is easy to see because when you look at a Quicken tax report, retirement account transactions are not treated as taxable income ... even though they appear to be categorized to a taxable category, like "DivInc".
The "tax free" categories are only needed when a tax free security is held in a taxable account.
Normally, the "Share Balance" column only appears in Single Mutual Fund accounts, where a share balance makes sense because there is only one security in the account. If you have the problem I mentioned in an earlier post, that may explain why you are seeing two securities in an account with a share balance column. (A long time ago, I once found a way to force Quicken to make this mistake, but I have now forgotten how I did it).
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