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Switching an Account Type to Roth IRA

Just Me and Not Someone Else
Member ✭✭✭✭
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.
Tagged:
19
Comments
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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.0 -
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 account0
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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
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Yes, this would be a significant improvement. I voted for this some time ago and I still support it.QWin Premier subscription0
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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?0
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One approach would be to create a new Roth account in Quicken and transfer the assets to it.QWin Premier subscription0
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Jim_Harman said:One approach would be to create a new Roth account in Quicken and transfer the assets to it.
The only options when creating a new investment acct. are:
-Brokerage
-401k or 403b
-IRA or Keogh Plan
-529 Plan0 -
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.0
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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 subscription0 -
HOW DO I VOTE for this ! This is a great idea,
"No Matter Where You Go, There You Are"
Windows 10 Pro, Quicken Subscription0 -
Movie Nut said:HOW DO I VOTE for this ! This is a great idea,
Signature:
(I'm always using the latest Quicken Windows Premier subscription version)
This is my website: http://www.quicknperlwiz.com/0