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How to add shares that were inherited IRAs and get correct cost basis entered ?

tas99
tas99 Member ✭✭
edited March 2019 in Investing (Windows)
I have Q17 for Windows,  I recently inherited securities from both an IRA and Roth IRA.  Do I create 2 new accounts then import the securities from the financial institution?  How do I get the cost basis added?  When I tried to import all line items created Placeholder transactions b/c it doesn't show cost and it thought I bought them (it did not add shares).  Thank you.

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Answers

  • tas99
    tas99 Member ✭✭
    Thank you for your comments.  To me, these are inherited IRAs (from my father) and I am familiar w/the tax implications.  I am not familiar w/the best way for me to create the accounts in Quicken.  To further complicate things, the accounts were created at Wells Fargo Advisors (WFA) and will be transferred to Charles Schwab (where I hold my assets).  I am wondering if I should just wait until the accounts are funded at Schwab and then create those accounts or create the accounts through WFA then create the Schwab accounts and 'move shares').  I want to ensure as much transaction detail but I also don't want to jump through more hoops than needed.
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    I agree you should consult a tax advisor.

    If they are actually inherited IRAs, the cost basis of the securities doesn't matter and you should be able to set up the accounts as regular and Roth IRAs in Quicken, manually Add the shares to the accounts with the current price, then connect the accounts to Schwab.

    Don't count on Schwab to download the correct transactions to set up the initial share balances; you may have to delete whatever they download to put the shares in the accounts. 
     
    I assume you don't care about tracking the performance of the securities before you received them.
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