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IRA to Roth conversion

SSNSSN Member ✭✭
edited May 2019 in Investing (Windows)
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?

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Answers

  • Jim_HarmanJim_Harman SuperUser ✭✭✭✭✭
    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. 
    -- Jim QWin Premier subscription
  • SSNSSN Member ✭✭
    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_HarmanJim_Harman SuperUser ✭✭✭✭✭
    edited May 2019
    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.
    -- Jim QWin Premier subscription
  • SSNSSN Member ✭✭
    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_HarmanJim_Harman SuperUser ✭✭✭✭✭
    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.
    -- Jim QWin Premier subscription
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