Lifetime Planner IDEA - Fix IRA / 401K Account Owner Change between Account Setup and LTP

Scooterlam

Lifetime Planner IDEA:  Fix IRA / 401K Account Owner Selection Change between Account Setup and LTP Investments Dialog

<edited on 09.10.21>

The Issue and Result:


Account ownership for IRA and 401k  accounts are not conveyed correctly from the selection made in account setup to the "Intended Use" assignment in Lifetime Planner Investments dialog.  

If not caught and corrected by the user, IRA and 401K account balances, contributions and RMDs will be incorrectly attributed to the wrong spouse.   This has caused user confusion in the past.   

Ensure that "ownership" selections made in account creation convey correctly to Lifetime Planner Investments Dialog.



Steps to recreate with illustrations...

1.  When creating a new IRA or 401K account, there is a dialog that asks "who owns this account".   I assign this account to "spouse" and complete account setup.  See Image 1 / 4.

2.  When going into LTP to ensure this new account is included in the "plan", I see that the account ownership, selected during account setup, IS NOT assigned to my spouse.   The selection of spouse made during account setup does not convey to LTP Investments dialog.  It remains assigned to "Your Retirement", which is incorrect.   See Image 2 / 4.

3.  To manually correct,  I can re-assign this account to my spouse by clicking on "details" button and fixing the problem.   See Image 3 / 4.

Expected that if I assign account ownership during account creation, then that selection should convey to LTP, or anywhere else in Quicken that account ownership assignments are important.   Can you fix?



IMAGE 1  - IRA Account Create Ownership Assigned



IMAGE 2 - LTP Ownership Changes From That Selected in IRA Account Create Stage





IMAGE 3 - LTP Ownership Corrected on IRA Account




IMAGE 4 -  Similar ownership issue now prevalent in 401K Accounts.

Sherlock

For what it may be worth, this does not appear to be a new issue.  I have confirmed the same issue appears in Quicken 2016 R18.4.

mshiggins

LTP was bolted on from the standalone Quicken Financial Planner in 2003 or thereabouts. Apparently account ownership was not one of the automated connections.

Scooterlam

I see!  Thanks for the history lesson!   Perhaps a Quicken Moderator can change this thread to an IDEA.  Nonetheless, I'll add it to the LTP laundry list.

Scott
2018 QW HBR R12.15

mshiggins

From C. D. Bales:



"I noted too, that when creating a new 401K account for my spouse, the account creation process DOES NOT ask for account owner and requires you to assign this for the first time in LTP".



I can't explain what you experienced, but:



I've tested with Q2014 thru Q2018/9 (R14.27), and every one asks the user to specify whose 401k account is being created during the new account creation process (the choices are "My Account" and "My Spouse's Account"). But the question does not occur at the same point in the process as it does for IRA/Keogh accounts.



See attached.

Scooterlam

Lifetime Planner IDEA - IRA / 401K Account Owner Selection Changes between Account Setup and LTP Investments Dialog

This is an update to my older (and still relevant) IDEA that was somehow stripped of its attached illustrations... 

In the original IDEA post, images were recreated, minor edits and structuring made for clarity.

This issue affects BOTH IRA and 401K account types in Lifetime Planner.