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401k exchanges reported as taxable gains

unknown

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?

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J_Mike

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.

NotACPA

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

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J_Mike

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!!!

J_Mike

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?

unknown

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

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"

unknown

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

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!).