Quicken Community is moving to Single Sign On! Starting 1/22/21, you'll sign in to the community with your Quicken ID. For more information: http://bit.ly/CommunitySSO

How can I change a 401(k) account to an IRA

Fidelity treats a 401(k) rollover as a "Traditional IRA", a.k.a., IRA. When I established my account I designated it a rollover account. Quicken fails with a [OL-220-A] error, with the log file showing a 'parse' error, when a Fidelity download is requested. How can I change the account attributes to IRA rather than as a 401(k) rolloever?

Best Answer

Answers

  • jr7107
    jr7107 SuperUser ✭✭✭✭
    I completed this recently from a 401(k) to a rollover IRA. Since it was within the same institution it was done within 24 hours. It changed the account number, and the holdings did not change.

    I completely deactivated the old 401(k) account and then ran an update using Fidelity Investments as the FI instead of Fidelity NetBenefits. I then matched the new account (rollover) to the same account I had been using in Q. I did not create a new account in Q. As far as I can determine, in Q they are both a tax deferred account.

    Also, backup your file and complete a Validate/Repair. This worked on a Fidelity account that was running into issues yesterday.
    Quicken user since 1994.
    Quicken Forum/Community Contributor since 2005.
  • Arthur Schwarez
    Arthur Schwarez Member ✭✭
    This doesn't seem to be my issue. When I rolled over my 401(k) to Fidelity I created a 401(k) Quicken account. However, Fidelity treats the rollover as an IRA account. When Quicken tries to download, Quicken expects to conduct a 401(k) dialog and Fidelity expects to conduct a IRA dialog, and I get an error. What I would like to do is to change the 401(k) account type to IRA. The suggestion from Fidelity is to create a new account and hide the original account. In this way the hidden account will contain historical information and the new account will permit downloading. There are all sorts of reasons why I don't want to do this, so the alternative is to change the type of an existing account to a new type.
This discussion has been closed.