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401k exchanges reported as taxable gains

Unknown
Unknown Member
edited December 2018 in Investing (Windows)
Quicken 2017 Premier. Why are transactions from my 401K account showing up on the Schedule D Tax summary. The account is defined as a "401K or 403(b)"account and is marked as Tax Deferred. According to the Tax Summary we have huge capital gains. However the transaction generating the gain was an exchange within the 401K account, which is a non-taxable event,
Has anyone ever run into this before?

Comments

  • J_Mike
    J_Mike SuperUser ✭✭✭✭✭
    edited December 2018
    Tax deferred accounts are excluded from the tax reports by default.
    Check your report customization settings - Accounts - to make sure that this is the case for you.
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  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    edited December 2018
    Do TOOLS, Account List ... click EDIT across from your 401k account, and make sure that the settings look like these:


    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • J_Mike
    J_Mike SuperUser ✭✭✭✭✭
    edited December 2018

    Do TOOLS, Account List ... click EDIT across from your 401k account, and make sure that the settings look like these:


    @NotACPA

    Thanks for the the tip - hadn't noticed this addition to the account options - my lesson for the day!!!
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  • J_Mike
    J_Mike SuperUser ✭✭✭✭✭
    edited December 2018

    Do TOOLS, Account List ... click EDIT across from your 401k account, and make sure that the settings look like these:


    Thinking about this some more - when would one use "Tax  deferred - No" for a 401k/403b account?
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  • Unknown
    Unknown Member
    edited December 2018
    Thanks, the account was set up correctly however somehow it had been selected for some of the tax reports.  Fixing that resolved the problem.
    However I found that our IRA account was set up as Brokerage account, rather than an IRA type account.  Is there a way to convert the account type from Brokerage to IRA.
    (Let me know if I should start this as a separate conversation)
  • J_Mike
    J_Mike SuperUser ✭✭✭✭✭
    edited December 2018

    Thanks, the account was set up correctly however somehow it had been selected for some of the tax reports.  Fixing that resolved the problem.
    However I found that our IRA account was set up as Brokerage account, rather than an IRA type account.  Is there a way to convert the account type from Brokerage to IRA.
    (Let me know if I should start this as a separate conversation)

    Look at the bottom of the Account Details dialog - the same view as posted above by NotACPA. There is a button labeled "Convert to 401k/IRA/429"
    QWin & QMac (Deluxe) Subscription
    Quicken user since 1991

  • Unknown
    Unknown Member
    edited December 2018

    Thanks, the account was set up correctly however somehow it had been selected for some of the tax reports.  Fixing that resolved the problem.
    However I found that our IRA account was set up as Brokerage account, rather than an IRA type account.  Is there a way to convert the account type from Brokerage to IRA.
    (Let me know if I should start this as a separate conversation)

    Thanks.  That option showed up when I changed the Tax Deferred status from no to yes.
    One last question while we are on this topic.  I noticed that our 529 plan account was set up as a 401k/403b type account.  I didn't see an option to change it from 401k/403b to 529.
    Thanks
  • J_Mike
    J_Mike SuperUser ✭✭✭✭✭
    edited December 2018

    Thanks, the account was set up correctly however somehow it had been selected for some of the tax reports.  Fixing that resolved the problem.
    However I found that our IRA account was set up as Brokerage account, rather than an IRA type account.  Is there a way to convert the account type from Brokerage to IRA.
    (Let me know if I should start this as a separate conversation)

    @Paul

    I do not believe there is any provision to modify this. Electing to go to a 401k, IRA, 529, etc., is a one-way street.

    The only way I know of to do this would be to create the new, empty 529 account and then Cut/Paste the transactions from one account to the other - one transaction at a time (UGH!).
    QWin & QMac (Deluxe) Subscription
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This discussion has been closed.