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How do I fix an account with an old Roth IRA conversion so that Lifetime Planner handles it correctl

kayverkayver Member ✭✭
Using Quicken 2015 Premier for Windows.

Back in 1998, I converted my IRA to a Roth IRA. Not knowing any better, I left everything in the same account and continued to record transactions there. (I don't think Roth IRAs even existed as an account type in Quicken at the time.)

Now I've realized that this affects how the IRA is handled in the Lifetime Planner. It wants to take RMDs out when I'm 70 1/2. Which would be correct if it were a traditional IRA. But since it's a Roth, there shouldn't be any RMDs ever.

When I look at the Account Details in the Account List, it shows Account Type: IRA and Tax-Deferred: Yes. When I look at my husband's Roth IRA account, I set it up correctly: it shows Account Type: Roth IRA and Tax-Deferred: Yes. Lifetime Planner doesn't show any RMDs for his account. So his is right, but I should fix mine.

I did some searching in the Quicken community, and apparently it's not as simple as just clicking a box that says "Roth IRA." (I wish there was.) I'm hoping to get some advice on the best way to fix it.

Since the conversion happened 19 years ago, I'm not worried about showing the tax consequences correctly. I have 10 years of transactions before the conversion and 19 years after, so there are a lot of transactions involved. The account is set up to download transactions, but not automatically (only when I ask).

I'm thinking I'm going to have to create a new Roth IRA account and copy-and-paste the transactions since 1999 into it, one at at time. Is there an easier way? Is there a way to select more than one transaction at a time? Are there any gotchas I should be aware of?

Comments

  • mshigginsmshiggins SuperUser ✭✭✭✭✭
    edited March 2017
    How many transactions have occurred since the Roth conversion?
    Quicken user since Q1999. Currently using QW2017.
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  • kayverkayver Member ✭✭
    edited February 2017
    Over 300. Looks like it's going to be a long day of cut-and-paste, one at a time, but I haven't found any other way.
  • mshigginsmshiggins SuperUser ✭✭✭✭✭
    edited March 2017
    Moderator:



    Lifetime Planner is only available in QWin. Please remove the QMac categorization. Also, this is really an investing question rather than a planning question. Please add QWin Investing category.



    Thanks!
    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the  Quicken Windows FAQ list
  • mshigginsmshiggins SuperUser ✭✭✭✭✭
    edited March 2017
    You could do a QIF export and import. But the learning curve for that is quite steep.



    One trick to facilitate the cut and paste would be to set your preferences to use pop up registers and not to auto minimize windows. That way you could have the two investment registers open side by side.
    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the  Quicken Windows FAQ list
  • Bob_LBob_L SuperUser ✭✭✭✭✭
    edited April 2018
    I don't see why you can't just create a new Roth account and then use the transfer shares action to transfer all of the shares to the new Roth IRA.  Then discontinue the download on the old account and set it up on the new account.  I tried this in my test file and it appears to not generate any taxable events (even if  transfers out happen to be set to be a taxable distribution)

    @mshiggins:  Your thoughts, esp. regarding lifetime planner?

    Also, backup first just to be safe.
    Quicken Premier Subscription, Windows 10 Home
  • mshigginsmshiggins SuperUser ✭✭✭✭✭
    edited February 2017
    Bob L said:

    I don't see why you can't just create a new Roth account and then use the transfer shares action to transfer all of the shares to the new Roth IRA.  Then discontinue the download on the old account and set it up on the new account.  I tried this in my test file and it appears to not generate any taxable events (even if  transfers out happen to be set to be a taxable distribution)

    @mshiggins:  Your thoughts, esp. regarding lifetime planner?

    Also, backup first just to be safe.

    I am OCD. I would move all the transactions via QIF.
    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the  Quicken Windows FAQ list
  • Bob_LBob_L SuperUser ✭✭✭✭✭
    edited February 2017
    Bob L said:

    I don't see why you can't just create a new Roth account and then use the transfer shares action to transfer all of the shares to the new Roth IRA.  Then discontinue the download on the old account and set it up on the new account.  I tried this in my test file and it appears to not generate any taxable events (even if  transfers out happen to be set to be a taxable distribution)

    @mshiggins:  Your thoughts, esp. regarding lifetime planner?

    Also, backup first just to be safe.

    Wow, that really is OCD!  :-) 

    I stand by giving transfer all shares a try-with backing up first-unless someone else weighs in with an issue I have overlooked.
    Quicken Premier Subscription, Windows 10 Home
  • Bob_LBob_L SuperUser ✭✭✭✭✭
    edited February 2017
    Bob L said:

    I don't see why you can't just create a new Roth account and then use the transfer shares action to transfer all of the shares to the new Roth IRA.  Then discontinue the download on the old account and set it up on the new account.  I tried this in my test file and it appears to not generate any taxable events (even if  transfers out happen to be set to be a taxable distribution)

    @mshiggins:  Your thoughts, esp. regarding lifetime planner?

    Also, backup first just to be safe.

    Withdrawals from Roths have to have been in existence for at least five years, as I recall to be tax free. I doubt lifetime planner deals with that, but you might want to check on that if you choose my suggestion.
    Quicken Premier Subscription, Windows 10 Home
  • kayverkayver Member ✭✭
    edited February 2017
    OK, thank you both for your help. Here's where I'm at:

    After backing up, I added the Roth IRA account. As Bob suggested, I used Transfer Shares to transfer shares, but only up to the date of the conversion, 12/28/1998.

    I tested Transfer All Shares. While it ostensibly gave me what I wanted--all the shares moved to the new Roth IRA account and none were left behind--I didn't like that all the transactions became Added shares and not their original, carefully entered transaction types--I'm OCD like mshiggins, I guess. The results looked just dandy in the Lifetime Planner, however.

    So then I was optimistic that I could move the 300+ remaining transactions with QIF. Unfortunately, although I could export them, I can't import a QIF file into a brokerage account. Am I missing something about QIF?

    mshiggins, good tip about using pop up registers for cut and paste.
  • Bob_LBob_L SuperUser ✭✭✭✭✭
    edited April 2018
    Interesting approach. See this:


    https://getsatisfaction.com/quickenco...
    Quicken Premier Subscription, Windows 10 Home
  • kayverkayver Member ✭✭
    edited March 2017
    It worked on the first try! 303 transactions now reside in the new Roth IRA with all the same information that they had before.

    I searched for how to delete multiple transactions from an investment account, so I did that next. I deactivated transaction download on the old account and activated it for the new account. Number of shares, etc., are correct.

    Best of all, the Lifetime Planner is showing the RMDs correctly. I'm a huge fan of the planner and I feel like an idiot for missing this for 19 years. All is well now and I can't thank you enough.

    I'm new to the community. How do I indicate that this issue is solved and give you credit?
  • mshigginsmshiggins SuperUser ✭✭✭✭✭
    edited February 2017
    Bob L said:

    I don't see why you can't just create a new Roth account and then use the transfer shares action to transfer all of the shares to the new Roth IRA.  Then discontinue the download on the old account and set it up on the new account.  I tried this in my test file and it appears to not generate any taxable events (even if  transfers out happen to be set to be a taxable distribution)

    @mshiggins:  Your thoughts, esp. regarding lifetime planner?

    Also, backup first just to be safe.

    Lifetime Planner is awesome. It does handle Roth withdrawals correctly, provided the account type is Roth.
    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the  Quicken Windows FAQ list
  • mshigginsmshiggins SuperUser ✭✭✭✭✭
    edited February 2017
    kayver said:

    It worked on the first try! 303 transactions now reside in the new Roth IRA with all the same information that they had before.

    I searched for how to delete multiple transactions from an investment account, so I did that next. I deactivated transaction download on the old account and activated it for the new account. Number of shares, etc., are correct.

    Best of all, the Lifetime Planner is showing the RMDs correctly. I'm a huge fan of the planner and I feel like an idiot for missing this for 19 years. All is well now and I can't thank you enough.

    I'm new to the community. How do I indicate that this issue is solved and give you credit?

    Wow! Good job! Not many folks succeed with the QIF importing.


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  • UnknownUnknown Member
    edited February 2017
    Bob L said:

    I don't see why you can't just create a new Roth account and then use the transfer shares action to transfer all of the shares to the new Roth IRA.  Then discontinue the download on the old account and set it up on the new account.  I tried this in my test file and it appears to not generate any taxable events (even if  transfers out happen to be set to be a taxable distribution)

    @mshiggins:  Your thoughts, esp. regarding lifetime planner?

    Also, backup first just to be safe.

    How do you get Lifetime Planner to show which accounts it is taking RMDs from, and which it is not i.e. Roth ?
  • mshigginsmshiggins SuperUser ✭✭✭✭✭
    edited February 2017
    Bob L said:

    I don't see why you can't just create a new Roth account and then use the transfer shares action to transfer all of the shares to the new Roth IRA.  Then discontinue the download on the old account and set it up on the new account.  I tried this in my test file and it appears to not generate any taxable events (even if  transfers out happen to be set to be a taxable distribution)

    @mshiggins:  Your thoughts, esp. regarding lifetime planner?

    Also, backup first just to be safe.

    Exclude all the other accounts.
    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the  Quicken Windows FAQ list
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