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In brokerage, enter transaction, inc-income won't let me select a transfer account

Unknown
Unknown Member
edited October 2018 in Investing (Windows)
I have Quicken 2015 Premier.
When entering info in my brokerage account sometimes I get a cash dividend. There used to be a category called DivX, now it is gone. So I tried selecting the category
 Inc-Income (Div,Int,Etc.)  
I can enter all fields Except Transfer account. The arrow is grayed out
Also the Category for Miscellaneous is pre- populated with
(Requires "Misc" Amt) and it's arrow is grayed out.

What happened to my Quicken?

Comments

  • mshiggins
    mshiggins SuperUser ✭✭✭✭✭
    edited March 2017
    It sounds like you have chosen to use s linked cash account with your brokerage account.



    What is listed in the transfer account field?
    Quicken user since Q1999. Currently using QW2017.
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  • Unknown
    Unknown Member
    edited December 2016
    The Field in Transfer account: box is blank and the down arrow is grayed out. Every other account I have with Quicken allows me to select what I set up as the Dummy to collect cash distributions. The brokerage account is the only one that I am unable to.
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    edited October 2018
    Please do TOOLS, Account List.  Click EDIT next to the name of your brokerage account.  In the Account Details dialog, there should be a button labeled "Show Cash in a checking account?"
    Is Yes, or No selected?

    If Yes is selected, then the DivX is unnecessary because it's automatic.  Your Dividend, interest, etc (any Cash transaction) will be automatically transferred to the Linked checking account.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Unknown
    Unknown Member
    edited December 2016
    I don't see this button
    image
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    edited October 2018
    OH, you hadn't said that it was an IRA type account ... which can't have a "Linked Checking account".
    Are you trying to input the Income on the screen that I'm showing?  And does the "Transfer account" input not work?
    image
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • mshiggins
    mshiggins SuperUser ✭✭✭✭✭
    edited March 2017

    I am seeing the same as lmoriconi1, for a traditional IRA, the transfer account field is grayed out for the Inc - Income (Div, Int, etc.) action.


    You typically would not transfer cash out of your IRA, you would use take a distribution with its associated tax withholding.

    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the  Quicken Windows FAQ list
  • Unknown
    Unknown Member
    edited December 2016
    First this brokerage account holds both Ira's and non Ira's such as stock and bonds.
    Yes, I am trying to select a account in the transfer account. For dividneds, I use an account named dummy. This is where I dump all my cash dividends. I put in Security name, enter Dividend amt, but when I go to transfer account, I cannot select anything. Because of this I now have to do 2 transactions. First make a dividend entry and 2nd make a Cash transferred out of the account entry. 
    How do I make it work with this IRA account. Or how do I convert this account and it's entry's to a non IRA account.
  • mshiggins
    mshiggins SuperUser ✭✭✭✭✭
    edited March 2017

    Why do you have taxable and tax deferred accounts mingled in one account? That is a recipe for trouble. You should always try to mirror your real world accounts in Quicken. If you have an IRA account and a brokerage account, you should create an account for each of these two accounts in Quicken.


    When you set a brokerage account as tax deferred, the Account Details window will include a button offering to convert the account to a 401(k) or IRA. Once you do this, it is not reversible. The IRA account setting cannot be undone.


    If you did convert your tax deferred account to an IRA, your options now are to restore a back up taken before you made that switch or to create a brokerage account and use Shares Transferred Between Accounts to transfer the taxable securities to the brokerage account.

    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the  Quicken Windows FAQ list
  • Unknown
    Unknown Member
    edited December 2016
    Also, If I sell anything in this brokerage account, than the transfer account field allows me to pick an account to put the money into, in my case it would be the dummy account. Dividends seem to be the problem. Even when I buy I can select the dummy account from the transfer account box to get the money from. 
  • Unknown
    Unknown Member
    edited March 2017
    That is how it is listed in my online brokerage account so I am mirroring my online account. It has stock, bonds, Roth IRA, tradition IRA etc. I don't have a separate brokerage for IRA and non IRA. It seems to me that  Quicken needs to be the same becuase it isn't mirrioring my on line account. The same is true with Vanguard. Everything is in one brokerage account. They aren't separated out.
    From what you are saying, I am sol because this was set up as IRA in the beginning.  
    Thanks anyway
  • mshiggins
    mshiggins SuperUser ✭✭✭✭✭
    edited December 2016

    That is how it is listed in my online brokerage account so I am mirroring my online account. It has stock, bonds, Roth IRA, tradition IRA etc. I don't have a separate brokerage for IRA and non IRA. It seems to me that  Quicken needs to be the same becuase it isn't mirrioring my on line account. The same is true with Vanguard. Everything is in one brokerage account. They aren't separated out.
    From what you are saying, I am sol because this was set up as IRA in the beginning.  
    Thanks anyway

    I think you need to look more closely at the statement your broker sends you. They may have everything lumped into a single statement, but there are separate taxable and tax deferred accounts at the broker.
    Quicken user since Q1999. Currently using QW2017.
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  • volvogirl
    volvogirl SuperUser ✭✭✭✭
    edited December 2016

    That is how it is listed in my online brokerage account so I am mirroring my online account. It has stock, bonds, Roth IRA, tradition IRA etc. I don't have a separate brokerage for IRA and non IRA. It seems to me that  Quicken needs to be the same becuase it isn't mirrioring my on line account. The same is true with Vanguard. Everything is in one brokerage account. They aren't separated out.
    From what you are saying, I am sol because this was set up as IRA in the beginning.  
    Thanks anyway

    Yes it's all at one place like with Vanguard but IRA accounts are not in the same account.  IRA are separate.  I have Vanguard also.  I do get one big quarterly statement package so I split out the pages for all the different accounts  (since the pages are 2 sided I will make a separate photocopy of one side that goes with the IRA or non IRA sections)

    I split my VG statement up into Joint Accounts, My IRA, My husband's IRA and put them in separate file folders.
  • Unknown
    Unknown Member
    edited May 2018
    Thanks anyway, I like it all in one. Much less clutter and I can keep them straight because they are listed as to what they are. That's why I enter manually because if I didn't, quicken would set up an account for each entry because each has it's own account number. One for money market IRA, one for mutual fund IRA, same with Roth, 1 for each stock, etc. So one centrally located area for the brokerage account now becomes 17 separate accounts in my case. 
  • Unknown
    Unknown Member
    edited December 2016
    Also one last thing, if I choose to take the dividend in cash, my brokerage account allows to 1. Put it in their money market account for use later or 2. Send it directly to my bank account. Since I choose 2, The transfer account needs to be there for me to do that. Ie DivX. So from my point of view, this is a flaw in Quicken. 
  • mshiggins
    mshiggins SuperUser ✭✭✭✭✭
    edited March 2017

    Your point of view is quite unusual. Many Quicken users use Quicken for tax planning and forecasting. With your set up, that would be impossible. I would not want to give up the tax planning capabilities, nor would I want to give up the convenience of downloading investment transactions.

    Pretty much the entire reason to use Quicken is BECAUSE it can handle many accounts and all their related tax implications.

    Quicken user since Q1999. Currently using QW2017.
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  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    edited October 2018
    Q, as shown in your Account Details snapshot, thinks that this is a "Traditional IRA" type of account.
    Ergo, Q is only going to allow IRA type activity.

    If you want taxable brokerage type activity, you need to create a Brokerage account that's not tax deferred (i.e., an IRA, Roth, 401k, etc).

    There's no flaw in Quicken.  It's operating in complete accordance with the established design for IRA type accounts.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Unknown
    Unknown Member
    edited March 2017
    As you know you can switch this account as taxable or non taxable as in the 1st screen shot ( Taxable   yes    no) . Doing this does nothing the transfer function is not available and my point is that it should be.
    What happens when you get monthly dividends say from a TrowePrice High Yield account from a Roth IRA  that are deposited directly into your local checking account. As it is now I have to make to entries. one to enter the divindend and 2 cash out to another account. How it should work is 1. I enter the dividend and 2. enter the transfer account period.
  • volvogirl
    volvogirl SuperUser ✭✭✭✭
    edited December 2016

    As you know you can switch this account as taxable or non taxable as in the 1st screen shot ( Taxable   yes    no) . Doing this does nothing the transfer function is not available and my point is that it should be.
    What happens when you get monthly dividends say from a TrowePrice High Yield account from a Roth IRA  that are deposited directly into your local checking account. As it is now I have to make to entries. one to enter the divindend and 2 cash out to another account. How it should work is 1. I enter the dividend and 2. enter the transfer account period.

    You do know that dividend payment is a IRA DISTRIBUTION, right? You will get a 1099R at the end of the year for it (instead of a 1099Div). You need to enter the 1099R into your tax return (even though a ROTH is not taxable.
  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    edited December 2016

    Thanks anyway, I like it all in one. Much less clutter and I can keep them straight because they are listed as to what they are. That's why I enter manually because if I didn't, quicken would set up an account for each entry because each has it's own account number. One for money market IRA, one for mutual fund IRA, same with Roth, 1 for each stock, etc. So one centrally located area for the brokerage account now becomes 17 separate accounts in my case. 

    Broadly speaking, you are mistaken.  You would not need separate accounts for each MMF and for each stock (or mutual fund) held in the various real world accounts.  While some financial institutions do require one account for each mutual fund (a poor policy IMO) I am not aware of any brokerage that requires that for every stock held.  

    Especially if you are already manually entering transactions, I suggest you reconsider and move to a model where your Quicken account structure models the real world account structure.  As a minimum, I would nudge you toward a separate brokerage (non-tax-deferred) account, a Roth IRA account, and a traditional IRA account -- three accounts total. You will be able to better manage these accounts which receive different tax treatment as time goes along.  
  • volvogirl
    volvogirl SuperUser ✭✭✭✭
    edited December 2016

    Thanks anyway, I like it all in one. Much less clutter and I can keep them straight because they are listed as to what they are. That's why I enter manually because if I didn't, quicken would set up an account for each entry because each has it's own account number. One for money market IRA, one for mutual fund IRA, same with Roth, 1 for each stock, etc. So one centrally located area for the brokerage account now becomes 17 separate accounts in my case. 

    See his post way down below. He might be headed for tax problems.
  • Unknown
    Unknown Member
    edited December 2016
    Again everyone is missing the point.
    Yes it is a distribution. I must take mandatory distributions now.

    The fact remains and no one has addressed it as to why I cannot transfer this money out under the drop down menu category  inc-income.

    When this IRA pays this monthly interest and I receive it as the distribution in my checking account, the transaction in Quicken should be a dividend received than transfer out.
    I used to have in the drop down menu DivX or dividend and transfer.  I entered the dividend total and the transfer account and that was that. I know longer have this option in Quicken. What happened to it?

    Now to do this type of transaction I have to,

    1.  Pick from the drop down menu  (Inc-Income) , enter the dividend then enter. This puts the money in this brokerage account as if it was holding cash but it not because as stated above it goes directly to my local checking account.

    Next I must do  another transaction as (Cash Transferred out) This allows me to move the cash from this account to the appropriate checking account. 
     
    As stated above, Quicken has the category I need (Inc-Income (Div,Int,etc.). The problem remains It Will Not Let Me Pick the Transfer Account. 
  • mshiggins
    mshiggins SuperUser ✭✭✭✭✭
    edited March 2017
    It's very unlikely that anyone here can help you. You are using Quicken in a manner outside of its intended design. Expecting the program to handle use cases outside of its intended design is not realistic.



    Your choices are:


    1) Use the program as it is designed, i.e., create separate accounts for taxable and tax deferred.


    2) Continue to use workarounds to shoehorn your non standard use case into working.


    3) Revert back to the version of the program that allows your non standard use case.
    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the  Quicken Windows FAQ list
  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    edited May 2018
    QW2014 operates the same way - DivIncome transactions in IRA cannot in one transaction also transfer to an outside account.  This restriction also applies to MiscExp, RtrnCap, and Margin Interest transactions.  The restriction does not seem to apply for Buys, Sells, Sht Sells, and CvrShrt transactions.  The restriction does not seem to apply for tax deferred accounts (401k or general tax-deferred) that are not IRA accounts.  

    I cannot comment about prior versions specifically, but my recollection is that this restriction has been in place a long time for that account type.  I do not know if that restriction is by design or an oversight.  I will speculate that the restrictions may have to do with recording or reporting the transaction as a Div Income transaction and as a 1099R withdrawal from the account.  I do not have sufficient interest in this issue at this time to investigate how these two aspects might be handled differently between a 401k account, an IRA account, and a general tax-deferred account.  Nor have I investigated how Sell transactions might be handled differently than Div in such accounts.  .  

    mshiggins has summed up your options rather well, IMO.  Note that as the program currently exists, even if you establish a separate IRA account, you will not be able to do the one-transaction receive dividend and transfer from that IRA account.  If you recently changed this master account of yours from some other account type to an IRA account, you might also be able to restore a backup from before that change.  Once an account has that IRA assignment made, I do not know of a way to drop that assignment.   
This discussion has been closed.