Switching an Account Type to Roth IRA

Just Me and Not Someone Else

Currently a tax deferred investment can be switched to an IRA, 529 or 401(k), but not a Roth IRA.  Since a regular and Roth IRA are treated very differently from a tax purposes it would be an excellent enhancement (especially in the Lifetime Planner) to be able to switch an account to a Roth.

Rocket J Squirrel

Currently, the only way to designate an account as Roth is at account creation time, and only when creating a manual, offline account (which can later become online). This is really not at all obvious. @Just Me and Not Someone Else 's idea of being able to designate an existing account as Roth would be a big help.

albo66

Agreed.  I created my IRA account long before Quicken support Roth.  I'd really like to be able to convert them to the correct type of account

Quicken_Tyka

Hello All,

 This Idea seems to have fallen stagnant and due to the Age of the request and lack of User Votes/Comments, will be archived within the next 7 business days.

 If you would like to see this Idea kept alive and considered for possible future implementation in Quicken, be sure to Add your Vote and a comment explaining how this Idea would be beneficial for you.

More information, including steps to vote and how to submit your own Ideas for future product features/improvements, is also available here.

 Thank you,

 Quicken Community Support Team

Jim_Harman

Yes, this would be a significant improvement. I voted for this some time ago and I still support it.

butlerd12

What is the recommended remedial action in the absence of an easy way to update the account type from Traditional to Roth? Is the best option truly to wait for a button, or is there a manual approach that is not too labor intensive?

Jim_Harman

One approach would be to create a new Roth account in Quicken and transfer the assets to it.

jfclague

Jim_Harman said:

One approach would be to create a new Roth account in Quicken and transfer the assets to it.

How do you create a new account as a Roth acct.?

The only options when creating a new investment acct. are:
-Brokerage
-401k or 403b
-IRA or Keogh Plan
-529 Plan

Rocket J Squirrel

jfclague said:

How do you create a new account as a Roth acct.?

Go through the steps to create the account and you will eventually be prompted for this.

Jim_Harman

Choose IRA or Keogh Plan then
Advanced setup
I want to enter transactions manually
Name the account and follow the directions. 
At the end Quicken shows a dialog that lets you choose the owner - myself or spouse - and the IRA type:
Traditional
Roth
Coverdell
Keogh
SEP or
Simple

Movie Nut

HOW DO I VOTE for this ! This is a great idea,

Chris_QPW

Movie Nut said:

HOW DO I VOTE for this ! This is a great idea,

Click here (at the top of the thread):