Transferring a single asset from an IRA account to another IRA Account

Lee Wing

When trying to transfer an asset from one IRA account to another IRA what is the correct way to do this in Quicken?
1st try: When I tried a withdrawal and transfer it asks what year this IRA is for, 2018 or 2019. Its not for either, the original IRA deposit was for 2008.  It's a transfer from one IRA account to another IRA account at a different institution.  If a year must be applied Quicken should allow for manual entry of year.  To make matters worse it transferred every transaction to the transferred account register and I had to delete them.

2nd try: I then sold asset within the original IRA and made a manual cash withdrawal transfer to the other IRA account which automatically used 2018 as the year but I could manually type in the correct year.

Looks like Quicken is not designed to handle transfers from one IRA account to another IRA account.  Any suggestions as to how to do this without quicken requesting or putting in year of IRA would be appreciated.

mshiggins

From C. D. Bales:

"Looks like Quicken is not designed to handle transfers from one IRA account to another IRA account".

Quicken does not handle such transfers correctly, it treats the transfer of cash into the other IRA as a contribution; but that's not what this problem is about. You can look in your TO IRA account to see the IRA-to-IRA problem.

This is an old bug that affects the withdrawal of cash from IRA's between January 1 and April 15. It doesn't matter where the cash is sent.

See:

https://community.quicken.com/discussion/7849398/tax-summary-and-ira-distribution

I believe you can work around both problems by defining a Quicken Dummy security, valued at $1/share, to be used for cash transfers. In the FROM account, sell the shares of the real-world security and buy shares of the Quicken Dummy security. 

Then use the Quicken Shares Transferred Between Accounts to transfer the appropriate number of shares of the Dummy security TO the other account.

If the TO account is an investment account,  sell all shares of the Dummy security in the TO account to create the cash - otherwise the TO account will already have had cash transferred to it.

mshiggins

From C. D. Bales:

"Looks like Quicken is not designed to handle transfers from one IRA account to another IRA account".

Quicken does not handle such transfers correctly, it treats the transfer of cash into the other IRA as a contribution; but that's not what this problem is about. You can look in your TO IRA account to see the IRA-to-IRA problem.

This is an old bug that affects the withdrawal of cash from IRA's between January 1 and April 15. It doesn't matter where the cash is sent.

See:

https://community.quicken.com/discussion/7849398/tax-summary-and-ira-distribution

I believe you can work around both problems by defining a Quicken Dummy security, valued at $1/share, to be used for cash transfers. In the FROM account, sell the shares of the real-world security and buy shares of the Quicken Dummy security. 

Then use the Quicken Shares Transferred Between Accounts to transfer the appropriate number of shares of the Dummy security TO the other account.

If the TO account is an investment account,  sell all shares of the Dummy security in the TO account to create the cash - otherwise the TO account will already have had cash transferred to it.