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Transfer cash between IRA accounts treated as a contribution.

dcwdcwdcw
dcwdcwdcw Member ✭✭
edited January 2019 in Investing (Windows)
I transferred cash from one IRA account to another.  Quicken is incorrectly treating the transfer-in as a 2019 contribution.

This problem was identified in an earlier conversation.  That conversation was not resolved but was closed.

Quicken 2017 Premier R17.4 on Windows 10

Comments

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    edited January 2019
    Here's one way of handling this situation:



    In the "from" Account enter the cash reduction using the same Account as the offset to the transaction. In the"to" Account enter the cash increase using that same Account as the offset. Make a memo entry in both Accounts reminding you what you did.
  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    edited January 2019
    The other frequent recommendation is to transfer cash as shares of a money market fund.  Most commonly, the real world situation is 1) Sell MM in account A, 2) Transfer cash, and 3) Buy different MM in Account B.  Instead, I suggest 1) Transfer MM account A to account B, 2) Sell MM, 3) Buy different MM.  Same number of transactions, same end result. 

    This issue has been in play for perhaps 15-20 years.  The programmers are well aware of it.  I doubt that it is an easy fix and the 'workaround' is pretty simple. 
This discussion has been closed.