IRA to Roth conversion

SSN

The security I converted from IRA to Roth in September 2018 got moved to Roth and I see that in my Roth investment.  The Qty also is fine but not the cost and market value,which is showing negative or $0.  Too many confusing placeholder repetitive entries I see now (maybe when I tried to fix it)....how to fix this and avoid wasting time?

Tom Young

One approach, assuming that you do know the basis of you holding, (only one security?), would be to do a "Remove" action in the Roth Account eliminating the security entirely.  Then do an "Add" action putting the security back into the Account with the correct quantity and cost basis and use whatever effective date you want. 

Absolutely, positively, do not accept placeholders.  That way lies madness, as you've found out.  Each time you get a notification that your Quicken Account doesn't agree to whatever the financial institution is reporting, you figure out the problem and either make a proper entry into Quicken to fix the difference, or dismiss the placeholder all together, which frequently is the correct action. 

Another approach, probably the one I'd try first if there's really only one security involved and the number of transactions between September, 2018 and now isn't excessive, would be to delete all the transactions in the Roth Account after the transfer from the traditional IRA, (I assume that entry is correct), and manually enter each and every transaction from September 2018 to the current date. 

It's hard to understand how the "market" figure can be wrong if the quantity is correct as the math there is pretty simple - (quantity) x (market price) - so it does sound like something's wrong with your price history too. 

Tom Young

One approach, assuming that you do know the basis of you holding, (only one security?), would be to do a "Remove" action in the Roth Account eliminating the security entirely.  Then do an "Add" action putting the security back into the Account with the correct quantity and cost basis and use whatever effective date you want. 

Absolutely, positively, do not accept placeholders.  That way lies madness, as you've found out.  Each time you get a notification that your Quicken Account doesn't agree to whatever the financial institution is reporting, you figure out the problem and either make a proper entry into Quicken to fix the difference, or dismiss the placeholder all together, which frequently is the correct action. 

Another approach, probably the one I'd try first if there's really only one security involved and the number of transactions between September, 2018 and now isn't excessive, would be to delete all the transactions in the Roth Account after the transfer from the traditional IRA, (I assume that entry is correct), and manually enter each and every transaction from September 2018 to the current date. 

It's hard to understand how the "market" figure can be wrong if the quantity is correct as the math there is pretty simple - (quantity) x (market price) - so it does sound like something's wrong with your price history too. 

Jim_Harman

Another way would be to back up your data just in case, then
-- delete all the transactions and placeholders that remove the security from the old account and add it to the new one
-- Enter a Shares transferred between accounts transaction to move the shares to the new account. This will create one Removed transaction in the old account and an Added transaction for each tax lot of the security in the new account. Be patient, this will take some time if the are a lot of lots. 

SSN

I am not sure if Quicken is reading all this and also help fixing it, instead of making users to figure out.  Imagine asking fellow drivers to help you out when a new car breaks down on the highway.   Increasingly, everyone is using this methodology saving on costs.  I am going to call Quicken to see what is going on and see if they know the issue....thanks for responding so quickly.

Jim_Harman

Roth conversions in general are not handled smoothly in Quicken and the situation you describe, where the shares were transferred directly or "in kind" rather than being sold in the traditional IRA, the cash transferred, and new shares bought in the Roth, is unusual I think.

There have been several discussions in this community on this topic, for example here
https://community.quicken.com/discussion/7810546/roth-ira-conversion
and here
https://community.quicken.com/discussion/7213147/how-do-i-enter-a-roth-conversion-of-shares-in-kind-from-my-traditional-ira-account-into-my-roth-ira
You can find more discussions by entering Roth conversion in the search box.

Roth conversions impact several areas of Quicken beyond getting the account balances correct, including investment performance tracking and tax reporting, and the transactions downloaded from your financial institution(s) for conversions are often inaccurate.

It would certainly be good if there was accurate in-product and/or online help for this.

SSN

Thank you...I just made a change in the setting to make it automatic....so it reflects the correct totals no matter what we have in placeholders, conversions etc.

Jim_Harman

Letting Quicken create Placeholders to force the share balances to be correct will work, but be aware that this will prevent it from accurately tracking your investment performance and (for taxable accounts) your capital gains.