Transfer Shares from IRA to Roth and not on Tax Report

Unknown

I have seen questions about transfering cash from a IRA and not have the transaction show on the tax reports. I have a similar issue. I'm doing a rollover from an IRA to a Roth. Fidelity allows you to transfer shares from one to the other, so there is no cash involved. I am running Q2017 on windiws 8. I tried setting up a taxable brokerage account  and I do a "Transfer Shares between accounts" from the IRA to the Roth.  I can't seem to assign a tax category for the transfer.  The action on the IRA is Removed and on the brokerage account is added.  Has anyone else tried this?

volvogirl

FYI - you are doing a conversion not a rollover.  Converting to a ROTH is a taxable event so you need to account for the taxes.  They probably should have taken tax withholding out of it.

Unknown

Yes, I am doing a conversion so taxes will apply.  I just can't get the transaction to show up on the tax report or in the tax planner.    Thank You

J_Mike

See this thread for an outline of the steps to record the conversion to Roth;
https://getsatisfaction.com/quickencommunity/topics/roth-ira-conversion-o8rlfhbbcpnoc

Unknown

JM said:

See this thread for an outline of the steps to record the conversion to Roth;
https://getsatisfaction.com/quickencommunity/topics/roth-ira-conversion-o8rlfhbbcpnoc

Wow - that link takes us back to an answer that is 6 years old. I had the problem in Quicken 2016 and it still exists in Quicken 2017. Looks like Intuit could make an effort to fix it. In order to get the transaction to show up in tax planner correctly I had to show the money being transferred into a checking account and another transaction to show the transfer to the ROTH IRA. But the money has to go directly from the IRA to the ROTH - otherwise it will be a withdrawal and a contribution.