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Manage Quicken IRA Contribution Accounts Including Display with Accounts and Banking Accounts

Mike16

Quicken Premier 2017 for Windows - during my recent "help" from Quicken Support they had me uninstall and reinstall Quicken Premier 2017 for Windows. In doing so, two new Investing and Banking Accounts appeared for my two IRA contribution accounts. If I delete them, I also delete the IRA Accounts. The IRA Contribution Account in Banking Accounts shows a balance, which is not true since the money immediately goes into the IRA Account. Any tips on getting these two contribution accounts away of my investing accounts and banking accounts? Please

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Vetta

Back up a second-- when you say "IRA contribution accounts" are these ordinary bank accounts that you make IRA contributions from? How many IRAs do you have, and are they in banks, brokerages, or what? What are the IRAs actually invested in?

Mike16

Sure - some additional detail. I have two separate Self Directed IRA Accounts with Schwab. I use Quicken for managing and tracking the Accounts and the Common Stock Investments. Since reinstalling Quicken, two new Accounts opened under Investing and under Bank Accounts - they are titled IRA Contribution Accounts. With Quicken, dividends are posting: directly into the Self Directed IRA Accounts, into the IRA Contribution Account (Investing) and IRA Contribution Account (Banking). They really only need to post to the Self Directed IRA Accounts. More clear?

Vetta

Making sure we are on the same page:
It sounds like the dividends from Schwab are staying with Schwab, correct? Either as cash or reinvestments? Then the two "contribution" accounts are phantom accounts?

Jim_Harman

It sounds like your IRA accounts may be set up as ordinary brokerage accounts with linked checking accounts (not IRAs)

If you view each account's Transaction List (Register) then click the gear at the top right then Edit Account Details, what does it say for the Account Type?

Mike16

On the tab: Account Details - Account Type it Traditional IRA - Tax Differed: Yes - HOWEVER - Show Cash in Checking Account is at Yes. Perhaps if I turn that to No?

As I look at the two Self Directed IRA Accounts - when a dividend is posting - it posts as a cash withdrawal from the Self Directed IRA Account and it posts as a deposit in the Investment IRA Contribution Account and as a deposit in the banking IRA Contribution Account.

Perhaps just changing the setting "Show Cash in Checking Account" from yes to no will fix this?

Mike16

Making sure we are on the same page:
It sounds like the dividends from Schwab are staying with Schwab, correct? Either as cash or reinvestments? Then the two "contribution" accounts are phantom accounts?

Yes - that is exactly correct - sort of. As I look at the two Self Directed IRA Accounts - when a dividend is posting - it posts as a cash withdrawal from the Self Directed IRA Account and it posts as a deposit in the Investment IRA Contribution Account and as a deposit in the banking IRA Contribution Account.

Jim_Harman

Changing the setting should do it.

Back up your file before trying just in case...

Vetta

That might be it right there. Change it to No and see what happens. You may have to clean up previous entries.

Mike16

That might be it right there. Change it to No and see what happens. You may have to clean up previous entries.

Quicken is still running but turning that setting from yes to no seems to have resolved this problem. Thank you BOTH for your help! THANK YOU!