Spouse retirement accounts: how to edit account ownership?

XanderXander Member
edited November 2018 in Investing (Windows)
For new accounts, Quicken (Premier 2019 R14.27) asks if a retirement account belongs to me or my spouse. Is there a way to edit this field for existing accounts because when I set them up years ago I didn't click the correct radio button?

Comments

  • splashersplasher SuperUser ✭✭✭✭✭
    edited October 2018
    If nobody comes up with a way to change it, you could create a new account with the correct selections, but you don't need to add any securities at this time.

    Once it is created, enter a single "Shares transferred between accounts" in the original account and all you have to do is select "All securities" and the new account for the transfer account, then click "Enter/Done".

    This will take awhile (go get some popcorn and watch some TV), since it will do a single "Remove" for each security and then multiple "add shares" for each transaction in the original account.  The transaction date will be the current date, but the "date acquired" will be the original purchase date to preserve long/short characterizations.

    NOTE:  As always, make a backup before starting.
    -splasher  using Q since 1996 -  QW2016, 2017 & Subscription  -  Win7/Win10
    -Questions? Check out the  Quicken Windows FAQ list

  • splashersplasher SuperUser ✭✭✭✭✭
    edited October 2018
    splasher said:

    If nobody comes up with a way to change it, you could create a new account with the correct selections, but you don't need to add any securities at this time.

    Once it is created, enter a single "Shares transferred between accounts" in the original account and all you have to do is select "All securities" and the new account for the transfer account, then click "Enter/Done".

    This will take awhile (go get some popcorn and watch some TV), since it will do a single "Remove" for each security and then multiple "add shares" for each transaction in the original account.  The transaction date will be the current date, but the "date acquired" will be the original purchase date to preserve long/short characterizations.

    NOTE:  As always, make a backup before starting.

    I redid this at looked hard at the results, my cost basis for the whole account was off by $.90, not a big deal, but it is not exact.  The differences were generally in the +/- .05 or less  The shares were exact though.  The basis could be brought in line with changing just one transaction's basis if you don't need exact (in my test).
    -splasher  using Q since 1996 -  QW2016, 2017 & Subscription  -  Win7/Win10
    -Questions? Check out the  Quicken Windows FAQ list

  • QPWQPW Member ✭✭✭✭
    edited October 2018
    splasher said:

    If nobody comes up with a way to change it, you could create a new account with the correct selections, but you don't need to add any securities at this time.

    Once it is created, enter a single "Shares transferred between accounts" in the original account and all you have to do is select "All securities" and the new account for the transfer account, then click "Enter/Done".

    This will take awhile (go get some popcorn and watch some TV), since it will do a single "Remove" for each security and then multiple "add shares" for each transaction in the original account.  The transaction date will be the current date, but the "date acquired" will be the original purchase date to preserve long/short characterizations.

    NOTE:  As always, make a backup before starting.

    As far as I know there isn't a way to change the setting after the account is created.

    But with subscription Quicken (2018/2019) it is probably better to use the new Move Transactions function instead of the "Shares transferred between accounts" action.

    Select the gear icon in the old investment register and then Move Transactions, and then Select All and select the new account you created, and then Done.
  • ScooterlamScooterlam Member ✭✭✭✭
    edited October 2018
    I'm not sure where else in Quicken retirement account ownership is used. But, in Lifetime Planner, you can reassign account ownership. See link and associated images.

    https://getsatisfaction.com/quickencommunity/topics/lifetime-planner-ira-account-owner-assignment-ch...

    Scott
    2019 QW HBR R.14.27

  • QPWQPW Member ✭✭✭✭
    edited October 2018
    Scott said:

    I'm not sure where else in Quicken retirement account ownership is used. But, in Lifetime Planner, you can reassign account ownership. See link and associated images.

    https://getsatisfaction.com/quickencommunity/topics/lifetime-planner-ira-account-owner-assignment-ch...

    Scott
    2019 QW HBR R.14.27

    Yeah, I'm not sure the ownership matters in any place in Quicken.  Lifetime planner seems like the only place, and as you point out Scott you can change it per account there.

    Now for things like when you have set an account to a traditional IRA and it should be a Roth IRA, Move Transactions to a new account is the way to go.
  • splashersplasher SuperUser ✭✭✭✭✭
    edited October 2018
    splasher said:

    If nobody comes up with a way to change it, you could create a new account with the correct selections, but you don't need to add any securities at this time.

    Once it is created, enter a single "Shares transferred between accounts" in the original account and all you have to do is select "All securities" and the new account for the transfer account, then click "Enter/Done".

    This will take awhile (go get some popcorn and watch some TV), since it will do a single "Remove" for each security and then multiple "add shares" for each transaction in the original account.  The transaction date will be the current date, but the "date acquired" will be the original purchase date to preserve long/short characterizations.

    NOTE:  As always, make a backup before starting.

    I tried that after I read it.  It failed for me.  Everything was removed from the original account, a deposit for the basis was entered and one transaction entered.

    Bottom line, it failed badly.

    YMMV
    -splasher  using Q since 1996 -  QW2016, 2017 & Subscription  -  Win7/Win10
    -Questions? Check out the  Quicken Windows FAQ list

  • QPWQPW Member ✭✭✭✭
    edited October 2018
    splasher said:

    If nobody comes up with a way to change it, you could create a new account with the correct selections, but you don't need to add any securities at this time.

    Once it is created, enter a single "Shares transferred between accounts" in the original account and all you have to do is select "All securities" and the new account for the transfer account, then click "Enter/Done".

    This will take awhile (go get some popcorn and watch some TV), since it will do a single "Remove" for each security and then multiple "add shares" for each transaction in the original account.  The transaction date will be the current date, but the "date acquired" will be the original purchase date to preserve long/short characterizations.

    NOTE:  As always, make a backup before starting.

    Hmm.  Sound like bug report territory.   I have actually had success in doing this because when I created a new data file from exporting/importing QIF files I needed to fix up Roth IRA accounts and it worked for me in that case.
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