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Switching an Account Type to Roth IRA

Just Me and Not Someone Else
Just Me and Not Someone Else Member ✭✭✭✭
edited August 2019 in Investments (Windows)
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.
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  • Rocket J Squirrel
    Rocket J Squirrel SuperUser, Windows Beta ✭✭✭✭✭
    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.
    Quicken user since version 2 for DOS, now using QWin Premier Subscription on Win10 Pro.
  • 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
    Quicken_Tyka Moderator mod

    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.

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  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    Yes, this would be a significant improvement. I voted for this some time ago and I still support it.
    QWin Premier subscription
  • butlerd12
    butlerd12 Member
    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
    Jim_Harman SuperUser ✭✭✭✭✭
    One approach would be to create a new Roth account in Quicken and transfer the assets to it.
    QWin Premier subscription
  • jfclague
    jfclague Member ✭✭✭✭
    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
    Rocket J Squirrel SuperUser, Windows Beta ✭✭✭✭✭
    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.

    Quicken user since version 2 for DOS, now using QWin Premier Subscription on Win10 Pro.
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    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


    QWin Premier subscription
  • Movie Nut
    Movie Nut Member ✭✭✭
    HOW DO I VOTE for this ! This is a great idea,
    "No Matter Where You Go, There You Are"
    Windows 10 Pro, Quicken Subscription
  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    Movie Nut said:
    HOW DO I VOTE for this ! This is a great idea,
    Click here (at the top of the thread):

    Signature:
    (I'm always using the latest Quicken Windows Premier subscription version)
    This is my website: http://www.quicknperlwiz.com/
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