rollover 401k to ira

Nancy Brown
Nancy Brown Member ✭✭
edited June 2018 in Investing (Windows)
Quicken Premier 2017 Rollover 401k to IRA.  Sold the investments in 401k but Quicken assumes transfer of funds is an IRA contribution in the IRA and wants a year.  Help?

Comments

  • q_lurker
    q_lurker Quicken Windows Subscription SuperUser ✭✭✭✭✭
    edited May 2018
    My common suggestion is to transfer the shares from old account to new, then execute the sales in the new account.  

    You can also enter the new purchases in the old account and then transfer the new holdings to the new account.

    You can also buy shares in the old account of a $1 MM fund, and transfer those shares to the new account.  

    Final option: give it the year for the "contribution".  I am not sure about all the ramifications of that choice, but most likely it would tie into the tax planning module (which I happen not to use).  
  • Unknown
    Unknown Member
    edited May 2018
    I have the same issues and the suggestions from q.lurker don't work.  
  • q_lurker
    q_lurker Quicken Windows Subscription SuperUser ✭✭✭✭✭
    edited February 2018
    lrindl said:

    I have the same issues and the suggestions from q.lurker don't work.  

    But you choose not to explain why they don't work for you.  Makes it really tough to offer followup advice.  
  • Unknown
    Unknown Member
    edited February 2018
    lrindl said:

    I have the same issues and the suggestions from q.lurker don't work.  

    They have the same issue of still asking for a year of the contribution
  • Nancy Brown
    Nancy Brown Member ✭✭
    edited June 2018
    It asks for a year for an IRA contribution.  It is not a contribution to an IRA.  It is a rollover.
  • q_lurker
    q_lurker Quicken Windows Subscription SuperUser ✭✭✭✭✭
    edited February 2018
    Nancy Brown said:

    It asks for a year for an IRA contribution.  It is not a contribution to an IRA.  It is a rollover.

    I understand that.  If you transfer cash, Quicken asks for the year of the contribution (2017 or 2018 currently).  If you transfer securities, the program does not ask for that year.  Thus using the Shares Transferred between Accounts function to transfer shares from the old account to the new account bypasses the prompt.  

    So you can transfer the prior holdings (then sell and buy in the new account), the new holdings (after selling and buying in the old account), or an equivalent MM fund holding. 

    Transfer shares, not cash.  
  • Unknown
    Unknown Member
    edited February 2018
    Nancy Brown said:

    It asks for a year for an IRA contribution.  It is not a contribution to an IRA.  It is a rollover.

    If you download transactions from your IRA account you may have problems,please try q.lurker's solution on a backup copy of your data.  There may be problems getting Quicken and the Financial Institution that holds the IRA to work together. 

    So make a backup copy of your qdf file before you begin!
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