401(k) rollover to IRA spanning year-end

r.l.thomas

I rolled over some pre-tax and post-tax funds from my 401(k) into traditional and Roth IRAs. The assets were liquidated and funds transferred out in mid December. The funds did not arrive in the IRAs until mid January due to postal issues. I want the sales and purchases of assets to appear in the proper accounts, and the transfer to be in cash like what really happened. But the transfer out and in dates are so far apart, I needed to set up a "funds in Transit" account to hold them while en-route. But now Quicken looks at the transfer in as a contribution rather than a rollover, and want the applicable year. Silly that Quicken doesn't allow for a rollover like this as they happen all the time. After the transfer into the IRA is entered, can I edit the associated year to 1900 or something? It won't allow me to change it to an empty value.

Sherlock

The use of the funds in Transit account is not what triggers Quicken treating the transfer as a contribution.  If you want to avoid the contribution, I suggest you open the destination account, select Enter Transactions, and select Deposit in the Enter transaction: pull-down menu, and select the source account as the Transfer category.

q_lurker

The use of the funds in Transit account is not what triggers Quicken treating the transfer as a contribution.  

I agree.

I likely would not use the in-transit account; I'd accept the date discrepancy one way or the other.  But I do understand your choice as well.  In that case, I would have the in-transit account also set up as an IRA account.

My way of avoiding the "Contribution" question is to transfer MM funds using Shares transferred between Accounts.

UKR

If you want the tax year to be (or become) "2019" for your transaction and you don't get prompted for it, be sure to date the transaction as if it had happened instantaneously in December 2019.