Roth IRA Account Type

Unknown

I'm running Quicken Deluxe 2019.  I am trying to add a Roth IRA acount. I've seen posts where others have a Roth IRA as an account type, but I do not.  I only have Brokerage, 401(k) or 403 (b), IRA or Keogh Plan and 529 Plan.
With the available options, how do I set up a Roth IRA account so it deals with the tax implications appropriately?
Also, is there a way to bring in the historical transactions? I have transactions between my checking account and Roth IRA that I would like to categorize as transfers between.
Thanks

NotACPA

There is no inherent "Roth Account type" in Q ... as you've already discovered.  It's just an IRA account with the tax attributes set appropriately.   The graphic is from QW2019 R14.27 HBRP, i.e., Q's latest, greatest and highest level product.  And, there's no ROTH IRA type.



BTW, I had a Roth IRA until recently, when I emptied it out to provide for living expenses.

mshiggins

NotACPA - QW HBRP 2019 said:

There is no inherent "Roth Account type" in Q ... as you've already discovered.  It's just an IRA account with the tax attributes set appropriately.   The graphic is from QW2019 R14.27 HBRP, i.e., Q's latest, greatest and highest level product.  And, there's no ROTH IRA type.



BTW, I had a Roth IRA until recently, when I emptied it out to provide for living expenses.

That is not accurate. When you step through the IRA account creation, it will ask you what type of IRA the account is.

Unknown

NotACPA - QW HBRP 2019 said:

There is no inherent "Roth Account type" in Q ... as you've already discovered.  It's just an IRA account with the tax attributes set appropriately.   The graphic is from QW2019 R14.27 HBRP, i.e., Q's latest, greatest and highest level product.  And, there's no ROTH IRA type.



BTW, I had a Roth IRA until recently, when I emptied it out to provide for living expenses.

Just to reinforce Ms. Higgins' statement, here is the third to last dialog in creating an IRA account:


And I might add that the Lifetime Planner uses the fact that an account is setup up as a Roth IRA to determine how to treat when deciding which accounts to take money out of (what order).

mshiggins

NotACPA - QW HBRP 2019 said:

There is no inherent "Roth Account type" in Q ... as you've already discovered.  It's just an IRA account with the tax attributes set appropriately.   The graphic is from QW2019 R14.27 HBRP, i.e., Q's latest, greatest and highest level product.  And, there's no ROTH IRA type.



BTW, I had a Roth IRA until recently, when I emptied it out to provide for living expenses.

Thanks, Chris, for posting the screen capture.

Unknown

On this part of the question:

Also, is there a way to bring in the historical transactions? I have transactions between my checking account and Roth IRA that I would like to categorize as transfers between.
.

How you get in historical transactions is by downloading them (connect to a financial institution during the creating of the account) or importing a QFX file or by manual entry.

And yes, the transactions between the checking account and the Roth IRA account would be transfers.  Or more formally a ContribX.

As for a withdraw I notice that the default setup for Roth IRA tax lines for transfers in and out are none for in, and 1099-R:Total IRA gross distrib for out.  Which is the same for a traditional IRA.
Which for the "out" it "records it", but doesn't actually determine if taxes have to be paid on it or not.  Which in the case of a Roth IRA for the most part would be no, unless you are facing some kind of penalty or such.