Can't create an investment/retirement account for an IRA CD from bank

Frustrated Q17 Mac User

I am unable to create an investment/retirement account for an IRA CD from my bank (Discover). Once I go through the process of adding the investment account and signing on to the bank through Quicken and see that IRA CD account. The drop-down menu next to it does not include Investment as an option, though it has virtually all the other categories of accounts.

NotACPA

In Q, a CD is an Investment that's held IN an account ... it's not an account itself.

Frustrated Q17 Mac User

OK, great! But how do I set that up? 

RickO

Frustrated Q17 Mac User said:

OK, great! But how do I set that up? 

When you set up the account, before you connect it to the bank, the first step is to choose the account type. You should choose IRA as shown below:




You may not be able to change the account type now. If not, then delete the account and start over.

Frustrated Q17 Mac User

Frustrated Q17 Mac User said:

OK, great! But how do I set that up? 

Thanks. I did this. It then takes me to the bank log on and I do that successfully, but when I get to the next window where the CD account appears for me to add, it has a default of "savings" in the account type. There is a drop down menu that allows me to choose other types of accounts, but it does not include any appropriate investment account, including IRA. It has savings, cash, credit, assets, liability etc. but nothing under an investment category. 

RickO

Frustrated Q17 Mac User said:

OK, great! But how do I set that up? 

You are saying this happens even though you chose IRA as the first step in the new account setup? I think this means that the bank isn't classifying the account as an IRA as far as what it's transmitting to Quicken.

You may be able to work around this by just letting it be called a Savings account. Then create a category called "Interest Income NT" and make a tax association to Schedule B > Int Income Nontaxable as shown below. Use this category for any interest income postings to the account. 

But, can you take a screenshot of the screen(s) you're seeing? Make sure you obscure any personal or identifying info such as real name, email address and account number.

Frustrated Q17 Mac User

Frustrated Q17 Mac User said:

OK, great! But how do I set that up? 

Yes, this happens every time even though I choose IRA as the first step in the acct. set up. I talked with the bank about the issue and they confirmed that the account was classified properly as an IRA. Thanks for the work around but I'd much prefer these to appear in investments/retirement otherwise my totals for savings and retirement as categories will be off as well.

 

RickO

Frustrated Q17 Mac User said:

OK, great! But how do I set that up? 

Yeah, this is a tough spot. I think the bank is saying that in their system, it's considered an IRA. But in what they are transmitting to Quicken, it appears as a savings account. The name even says "Savings". 

I think it's a consequence of holding a CD/Savings account a bank (vs a brokerage) that handles IRA classification as kind of a sub-designation on an account that at its main designation is Savings.

I'm not sure there's much you can do other than trying to get Discover Bank to escalate the issue to see if there's any change they can make in what they are transmitting to Quicken. Quicken is just not going to let you classify an account that's getting sent over as Savings as an IRA account.

Unknown

Frustrated Q17 Mac User said:

OK, great! But how do I set that up? 

I'm not a Quicken Mac user, but can't you just enter the account manually and designate it an IRA without having to go through the hoops of downloading ANYTHING?

I mean it's a CD.  You'll get periodic statements regarding any reinvested interest.  At most it will be once a month.  Most likely quarterly.  You'd have very few transactions to enter manually...and you'd get the account designation correct.  

Concordman

Frustrated Q17 Mac User said:

OK, great! But how do I set that up? 

Makes sense, treat the CD as a manual entry

Frustrated Q17 Mac User

Frustrated Q17 Mac User said:

OK, great! But how do I set that up? 

Yes, thanks-- that is what I decided to do. Appreciate the help. Seems like work arounds are the name of the game in Mac Quicken, at least on the Investments end.

Unknown

Frustrated Q17 Mac User said:

OK, great! But how do I set that up? 

It isn't a workaround.

You can just about enter ANY investment in Quicken, provided you know how to set it up.

Quicken Mac or Windows does NOT download CD accounts from ANY institution.  

It's not a workaround.  It's just the way it is.  

Unknown

Frustrated Q17 Mac User said:

OK, great! But how do I set that up? 

It isn't a workaround.

You can just about enter ANY investment in Quicken, provided you know how to set it up.

Quicken Mac or Windows does NOT download CD accounts from ANY institution.  

It's not a workaround.  It's just the way it is.